Ategrity Specialty (NYSE:ASIC) Reaches New 1-Year High – Still a Buy?

Ategrity Specialty (NYSE:ASIC) shares hit a new 52-week high on Monday . The stock traded as high as $24.48 and last traded at $24.2050, with a volume of 32475 shares changing hands. The stock had previously closed at $23.68.

Analyst Ratings Changes

ASIC has been the topic of a number of analyst reports. Wells Fargo & Company decreased their price objective on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating on the stock 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. Zacks Research cut Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Finally, Weiss Ratings upgraded Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ategrity Specialty presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

Ategrity Specialty Trading Down 1.9%

The stock has a market capitalization of $1.16 billion and a PE ratio of 12.95. The company has a 50-day moving average of $20.59.

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, beating the consensus estimate of $0.40 by $0.11. The company 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, equities research analysts forecast that Ategrity Specialty will post 1.98 EPS for the current year.

Institutional Trading of Ategrity Specialty

Hedge funds have recently modified their holdings of the business. Millennium Management LLC increased its stake in shares of Ategrity Specialty by 312.6% in the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after acquiring an additional 156,952 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Ategrity Specialty during the first quarter worth about $2,605,000. Balyasny Asset Management L.P. boosted its stake in Ategrity Specialty by 298.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after acquiring an additional 127,849 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in 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 worth $6,044,000 after purchasing an additional 105,254 shares during the period. Finally, Walleye Capital LLC grew its holdings in Ategrity Specialty by 290.0% in the fourth quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock worth $1,979,000 after purchasing an additional 70,056 shares during the period.

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.