Ategrity Specialty (NYSE:ASIC) Trading Up 5.1% – Here’s What Happened

Ategrity Specialty (NYSE:ASIC)’s share price was up 5.1% during mid-day trading on Friday . The stock traded as high as $20.56 and last traded at $20.4360. Approximately 35,891 shares traded hands during trading, a decline of 64% from the average daily volume of 98,517 shares. The stock had previously closed at $19.44.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ASIC shares. Barclays lifted their price target on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Wells Fargo & Company reduced their price target on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Zacks Research upgraded Ategrity Specialty from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Wall Street Zen upgraded Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, JPMorgan Chase & Co. lifted their price target on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given 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 a consensus price target of $26.50.

Ategrity Specialty Stock Up 4.7%

The business has a fifty day moving average of $20.09. The company has a market cap of $977.79 million and a PE ratio of 10.95.

Ategrity Specialty (NYSE:ASIC) last posted its 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. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The firm had revenue of $128.96 million during the quarter. Research analysts forecast that Ategrity Specialty will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Ategrity Specialty

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund bought a new position in Ategrity Specialty in the 4th quarter worth approximately $27,000. Strs Ohio increased its position in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after buying an additional 600 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in Ategrity Specialty in the 4th quarter worth approximately $41,000. State of Wyoming increased its position in 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 during the period. Finally, State of Alaska Department of Revenue bought a new position in Ategrity Specialty in the 4th quarter worth approximately $76,000.

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.