Ategrity Specialty (NYSE:ASIC) Reaches New 52-Week High – Should You Buy?

Ategrity Specialty (NYSE:ASICGet Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $27.54 and last traded at $27.31, with a volume of 10048 shares. The stock had previously closed at $26.71.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ASIC. Weiss Ratings upgraded Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 14th. JPMorgan Chase & Co. upped their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Wells Fargo & Company raised their target price on Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Barclays lifted their target price on Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen cut shares of Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.88.

Read Our Latest Analysis on Ategrity Specialty

Ategrity Specialty Stock Performance

The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.79 and a beta of -0.62. The firm’s 50 day simple moving average is $24.65 and its 200-day simple moving average is $21.83.

Ategrity Specialty (NYSE:ASICGet Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.05. The company had revenue of $148.48 million for the quarter, compared to analysts’ expectations of $141.33 million. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. As a group, equities analysts anticipate that Ategrity Specialty will post 2.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Strs Ohio increased its position in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ategrity Specialty by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock valued at $3,221,000 after buying an additional 4,866 shares during the last quarter. Norges Bank bought a new stake in shares of Ategrity Specialty in the 4th quarter valued at approximately $840,000. Goldman Sachs Group Inc. grew its stake in shares of Ategrity Specialty by 57.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock valued at $1,183,000 after buying an additional 20,426 shares in the last quarter. Finally, State of Wyoming increased its holdings in Ategrity Specialty by 1,663.6% in the fourth quarter. State of Wyoming now owns 2,469 shares of the company’s stock worth $52,000 after buying an additional 2,329 shares during the last quarter.

Ategrity Specialty Company Profile

(Get Free Report)

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.

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