Ategrity Specialty (NYSE:ASIC) Given Consensus Rating of “Moderate Buy” by Analysts

Ategrity Specialty (NYSE:ASIC) has received an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $26.50.

Several brokerages have recently weighed in on ASIC. Citigroup cut shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price target on the stock. in a research note on Thursday, February 26th. JPMorgan Chase & Co. lifted their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 24th. Weiss Ratings cut shares of Ategrity Specialty from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company dropped their price target on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Finally, Barclays lifted 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.

Hedge Funds Weigh In On Ategrity Specialty

Large investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Ategrity Specialty by 120.0% during the fourth quarter. Barclays PLC now owns 19,526 shares of the company’s stock valued at $410,000 after purchasing an additional 10,649 shares in the last quarter. VARCOV Co. purchased a new position in Ategrity Specialty during the fourth quarter valued at approximately $257,000. State of Wyoming lifted its holdings in Ategrity Specialty by 1,663.6% during 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 in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in Ategrity Specialty during the fourth quarter valued at approximately $41,000. Finally, New York State Common Retirement Fund purchased a new position in Ategrity Specialty during the fourth quarter valued at approximately $27,000.

Ategrity Specialty Stock Up 2.9%

Shares of Ategrity Specialty stock opened at $20.67 on Wednesday. The stock’s fifty day simple moving average is $20.14. The stock has a market cap of $992.54 million and a PE ratio of 11.11. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $25.30.

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

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.