Ategrity Specialty (NYSE:ASIC) Sets New 1-Year High – What’s Next?

Ategrity Specialty (NYSE:ASIC) reached a new 52-week high during trading on Monday . The stock traded as high as $27.99 and last traded at $28.3770, with a volume of 1013 shares trading hands. The stock had previously closed at $27.15.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ASIC shares. Barclays upped their price target on Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company lifted their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Wall Street Zen cut Ategrity Specialty from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. JPMorgan Chase & Co. upped their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Finally, Citigroup raised their target price on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research note on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.88.

Ategrity Specialty Stock Performance

The firm’s 50-day simple moving average is $25.23 and its 200 day simple moving average is $22.33. The company has a market cap of $1.37 billion, a P/E ratio of 13.39 and a beta of -0.62.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share (EPS) for the quarter, topping 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 business had revenue of $148.48 million for the quarter, compared to analyst estimates of $141.33 million. As a group, research analysts forecast that Ategrity Specialty will post 2.22 earnings per share for the current year.

Hedge Funds Weigh In On Ategrity Specialty

Several institutional investors have recently modified their holdings of ASIC. BlackRock Inc. bought a new stake in shares of Ategrity Specialty in the 2nd quarter valued at about $14,779,000. Cannell Capital LLC bought a new position in Ategrity Specialty during the 2nd quarter worth approximately $11,791,187. Arrowstreet Capital Limited Partnership acquired a new position in Ategrity Specialty during the first quarter valued at approximately $2,605,000. Bank of America Corp DE grew its holdings in Ategrity Specialty by 14.7% during the first quarter. Bank of America Corp DE now owns 101,630 shares of the company’s stock valued at $2,009,000 after purchasing an additional 12,988 shares during the period. Finally, Kornitzer Capital Management Inc. KS increased its stake in Ategrity Specialty by 8.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 54,482 shares of the company’s stock valued at $1,077,000 after purchasing an additional 4,269 shares in the last quarter.

About Ategrity Specialty

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.