Ategrity Specialty (NYSE:ASIC) Stock Has Average Target Price of $28.88 According to Brokerages

Shares of Ategrity Specialty (NYSE:ASIC) have been given an average rating of “Moderate Buy” by the six brokerages that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $28.88.

ASIC has been the topic of several research analyst reports. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Citigroup lifted their target price on Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday, July 31st. Wells Fargo & Company upped their price target on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Wall Street Zen lowered Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Barclays lifted their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th.

Ategrity Specialty Stock Performance

NYSE ASIC opened at $26.75 on Friday. Ategrity Specialty has a fifty-two week low of $16.35 and a fifty-two week high of $29.00. The firm has a market capitalization of $1.28 billion, a P/E ratio of 12.51 and a beta of -0.62. The stock’s fifty day moving average is $25.70 and its two-hundred day moving average is $22.58.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.05. The business had revenue of $148.48 million during the quarter, compared to analysts’ expectations of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. As a group, sell-side analysts forecast that Ategrity Specialty will post 2.22 EPS for the current year.

Institutional Investors Weigh In On Ategrity Specialty

A number of large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Ategrity Specialty in the 2nd quarter valued at $14,779,000. Cannell Capital LLC purchased a new position in Ategrity Specialty in the second quarter valued at $11,791,187. Arrowstreet Capital Limited Partnership acquired a new stake in Ategrity Specialty in the first quarter valued at $2,605,000. Bank of America Corp DE raised its stake in Ategrity Specialty by 14.7% in the first quarter. Bank of America Corp DE now owns 101,630 shares of the company’s stock valued at $2,009,000 after buying an additional 12,988 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in Ategrity Specialty by 380,266.7% during the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company’s stock worth $1,097,000 after buying an additional 45,632 shares during the last quarter.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty insurance company that provides customized property and casualty coverage for complex, unusual or difficult-to-place risks. The company operates primarily in the excess and surplus lines market, where insurance products are tailored for businesses and exposures that may not fit standard policies.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability and other complex risks. Ategrity distributes its products through wholesale insurance brokers and works with brokers and policyholders to structure coverage for specialized industries and situations.

The company serves customers primarily in the United States.