Brokerages Set Ategrity Specialty (NYSE:ASIC) PT at $28.88

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 assigned a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $28.8750.

Several brokerages have weighed in on ASIC. Zacks Research cut Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Wells Fargo & Company lifted their price target on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Citigroup boosted their price target on shares of Ategrity Specialty from $27.00 to $28.50 and gave the stock a “neutral” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Finally, Barclays lifted their target price on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th.

Ategrity Specialty Stock Performance

NYSE:ASIC opened at $26.68 on Monday. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 12.47 and a beta of -0.68. The stock’s fifty day moving average price is $24.36 and its two-hundred day moving average price is $21.62. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $27.22.

Ategrity Specialty (NYSE:ASIC) last released its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%.The company had revenue of $148.48 million during the quarter, compared to analysts’ expectations of $141.33 million. On average, equities analysts predict that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASIC. New York State Common Retirement Fund bought a new stake in shares of Ategrity Specialty in the 4th quarter valued at about $27,000. Strs Ohio raised its position in shares of Ategrity Specialty by 54.5% in the 4th 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 bought a new position in Ategrity Specialty during the 4th quarter worth approximately $41,000. State of Wyoming grew 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 during the period. Finally, California State Teachers Retirement System increased its stake in Ategrity Specialty by 510.5% in the second quarter. California State Teachers Retirement System now owns 3,077 shares of the company’s stock valued at $74,000 after purchasing an additional 2,573 shares in the last quarter.

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.