Ategrity Specialty (NYSE:ASIC) Shares Gap Down Following Weak Earnings

Ategrity Specialty (NYSE:ASIC)’s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $27.87, but opened at $25.05. Ategrity Specialty shares last traded at $25.2310, with a volume of 25,031 shares changing hands.

The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.21). Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. The firm had revenue of $125.59 million for the quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ASIC shares. Citigroup reissued a “neutral” rating on shares of Ategrity Specialty in a research note on Thursday. Wells Fargo & Company lifted their target price on Ategrity Specialty from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Wall Street Zen lowered Ategrity Specialty from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Barclays set a $27.00 price target on Ategrity Specialty in a report on Thursday. Finally, Weiss Ratings cut Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 9th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.88.

Institutional Investors Weigh In On Ategrity Specialty

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

Ategrity Specialty Stock Performance

The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 11.61 and a beta of -0.55. The firm has a 50-day simple moving average of $26.59 and a two-hundred day simple moving average of $23.50.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty property and casualty insurance company focused on the excess and surplus (E&S) insurance market. The company provides coverage for risks that may be difficult to place in the standard insurance market because of their size, complexity, unusual characteristics or limited loss history.

Its business is centered on underwriting specialty commercial insurance products, including coverage for property and liability exposures. Ategrity Specialty works with insurance brokers and other distribution partners to develop tailored solutions for businesses with specialized insurance needs.

The company primarily serves the U.S.