Wall Street Zen Upgrades Ategrity Specialty (NYSE:ASIC) to Strong-Buy

Ategrity Specialty (NYSE:ASIC) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other equities research analysts have also recently issued reports on ASIC. Citigroup boosted their price objective on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Wells Fargo & Company lifted their price target on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Finally, JPMorgan Chase & Co. increased their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Ategrity Specialty presently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Ategrity Specialty Stock Performance

ASIC stock opened at $24.11 on Friday. Ategrity Specialty has a twelve month low of $16.35 and a twelve month high of $26.00. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 11.27 and a beta of -0.68. The stock has a fifty day simple moving average of $22.43.

Ategrity Specialty (NYSE:ASIC) last posted 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 $129.89 million for 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 17.52%. As a group, equities research analysts forecast that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

Several institutional investors have recently bought and sold shares of ASIC. New York State Common Retirement Fund bought a new position in Ategrity Specialty in the fourth quarter worth approximately $27,000. Strs Ohio boosted its position in Ategrity Specialty by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after acquiring an additional 600 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Ategrity Specialty in the 4th quarter valued at $41,000. State of Wyoming increased its holdings in shares of Ategrity Specialty by 1,663.6% in the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after acquiring an additional 2,329 shares during the period. Finally, State of Alaska Department of Revenue bought a new position in shares of Ategrity Specialty in the 4th quarter worth $76,000.

Ategrity Specialty Company 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.