Cannell Capital LLC Invests $11.79 Million in Ategrity Specialty $ASIC

Cannell Capital LLC acquired a new position in shares of Ategrity Specialty (NYSE:ASIC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 490,482 shares of the company’s stock, valued at approximately $11,791,187. Ategrity Specialty makes up approximately 0.0% of Cannell Capital LLC’s portfolio, making the stock its largest holding. Cannell Capital LLC owned about 1.02% of Ategrity Specialty as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of ASIC. BlackRock Inc. bought a new position in Ategrity Specialty during the second quarter valued at about $14,779,000. Millennium Management LLC boosted its stake in shares of Ategrity Specialty by 312.6% during the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after acquiring an additional 156,952 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Ategrity Specialty during the 1st quarter valued at about $2,605,000. Balyasny Asset Management L.P. increased its holdings in shares of Ategrity Specialty by 298.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock valued at $3,587,000 after acquiring an additional 127,849 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Ategrity Specialty by 57.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock valued at $6,044,000 after acquiring an additional 105,254 shares in the last quarter.

Wall Street Analyst Weigh In

ASIC has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen lowered Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Wells Fargo & Company boosted their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings raised Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 14th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Stock Performance

Shares of Ategrity Specialty stock opened at $26.68 on Friday. The firm has a market cap of $1.28 billion, a P/E ratio of 12.47 and a beta of -0.68. The firm’s 50-day simple moving average is $24.36 and its 200-day simple moving average is $21.62. Ategrity Specialty has a twelve month low of $16.35 and a twelve month high of $27.22.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.05. The firm had revenue of $148.48 million during the quarter, compared to analysts’ expectations of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. On average, equities analysts forecast that Ategrity Specialty will post 2.22 earnings per share for the current fiscal year.

Ategrity Specialty Profile

We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses (“SMBs”) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value.