Ategrity Specialty (NYSE:ASIC) Given Average Rating of “Moderate Buy” by Brokerages

Ategrity Specialty (NYSE:ASIC) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $26.50.

A number of research analysts have recently weighed in on ASIC shares. Wells Fargo & Company dropped their price target on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings upgraded shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Finally, Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th.

Ategrity Specialty Stock Performance

Shares of Ategrity Specialty stock opened at $25.39 on Friday. The firm has a 50-day moving average of $20.85. Ategrity Specialty has a 12-month low of $16.35 and a 12-month high of $25.63. The stock has a market capitalization of $1.22 billion and a PE ratio of 13.65.

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

Hedge Funds Weigh In On Ategrity Specialty

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

About Ategrity Specialty

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.