Ategrity Specialty (NYSE:ASIC) Shares Up 7.5% – Should You Buy?

Ategrity Specialty (NYSE:ASIC) shares shot up 7.5% during mid-day trading on Friday . The stock traded as high as $23.04 and last traded at $23.0340. Approximately 12,276 shares were traded during trading, a decline of 87% from the average daily volume of 93,117 shares. The stock had previously closed at $21.42.

Wall Street Analysts Forecast Growth

ASIC has been the subject of several recent analyst reports. Weiss Ratings upgraded Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. Zacks Research cut shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Citigroup downgraded shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 target price on the stock. in a report on Thursday, February 26th. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, Wells Fargo & Company cut their target price on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ategrity Specialty currently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Ategrity Specialty Price Performance

The stock has a market capitalization of $1.10 billion and a PE ratio of 12.36. The company has a fifty day moving average price of $20.39.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.11. The company had revenue of $128.96 million during the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. Analysts expect that Ategrity Specialty will post 1.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ASIC. Strs Ohio grew its holdings in shares of Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in Ategrity Specialty during the fourth quarter valued at $27,000. Bank of New York Mellon Corp lifted its position in Ategrity Specialty by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock valued at $312,000 after purchasing an additional 1,809 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in Ategrity Specialty during the fourth quarter valued at $41,000. Finally, State of Wyoming grew its stake 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 worth $52,000 after buying an additional 2,329 shares in the last quarter.

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.