Brokerages Set Ategrity Specialty (NYSE:ASIC) Price Target at $28.50

Ategrity Specialty (NYSE:ASIC) has received a consensus rating of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $28.8750.

ASIC has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Wells Fargo & Company lifted their price target on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Zacks Research downgraded Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Finally, Citigroup upped their target price on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Strs Ohio raised its stake in Ategrity Specialty by 1,476.5% during the first quarter. Strs Ohio now owns 26,800 shares of the company’s stock worth $530,000 after purchasing an additional 25,100 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Ategrity Specialty during the fourth quarter worth about $76,000. VARCOV Co. purchased a new position in Ategrity Specialty in the 4th quarter worth approximately $257,000. State of Wyoming boosted its stake in shares of Ategrity Specialty by 1,663.6% in the fourth quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after purchasing an additional 2,329 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in Ategrity Specialty in the 4th quarter valued at about $41,000.

Ategrity Specialty Stock Up 1.1%

NYSE:ASIC opened at $24.11 on Thursday. The stock has a market cap of $1.16 billion and a P/E ratio of 11.27. The stock’s 50 day moving average price is $22.43. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $26.00.

Ategrity Specialty (NYSE:ASIC) last announced its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.05. The business 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%. Equities research analysts predict that Ategrity Specialty will post 2.16 EPS for the current fiscal year.

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.