Ategrity Specialty (NYSE:ASIC) Upgraded by Zacks Research to Strong-Buy Rating

Ategrity Specialty (NYSE:ASIC) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also recently commented on the stock. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Barclays increased their price target on shares of Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Citigroup downgraded shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price target for the company. in a report on Thursday, February 26th. Weiss Ratings upgraded shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. Finally, Wells Fargo & Company cut their price target on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ategrity Specialty presently has an average rating of “Moderate Buy” and an average target price of $26.50.

Ategrity Specialty Price Performance

ASIC stock opened at $20.67 on Thursday. Ategrity Specialty has a one year low of $16.35 and a one year high of $25.30. The firm has a market cap of $992.83 million and a PE ratio of 11.11. The stock has a fifty day moving average price of $20.03.

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

Hedge Funds Weigh In On Ategrity Specialty

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC raised its position in shares of Ategrity Specialty by 312.6% in the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock valued at $4,353,000 after buying an additional 156,952 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Ategrity Specialty in the first quarter valued at approximately $2,605,000. Balyasny Asset Management L.P. raised its position in shares of Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock valued at $3,587,000 after buying an additional 127,849 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Ategrity Specialty by 57.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock valued at $6,044,000 after buying an additional 105,254 shares during the last quarter. Finally, Walleye Capital LLC raised its position in shares of Ategrity Specialty by 290.0% in the fourth quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock valued at $1,979,000 after buying an additional 70,056 shares during 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.