Ategrity Specialty (NYSE:ASIC) Stock Price Up 0.3% – Time to Buy?

Ategrity Specialty (NYSE:ASIC) rose 0.3% on Thursday . The stock traded as high as $20.84 and last traded at $20.55. Approximately 30,290 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 94,826 shares. The stock had previously closed at $20.49.

Wall Street Analysts Forecast Growth

ASIC has been the subject of several research reports. Barclays lifted their target price on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Citigroup downgraded Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 target price for the company. in a research report on Thursday, February 26th. JPMorgan Chase & Co. lifted their target price on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, February 24th. Weiss Ratings raised Ategrity Specialty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Finally, Wells Fargo & Company lifted their target price on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.75.

Ategrity Specialty Stock Up 2.6%

The company has a market capitalization of $1.02 billion and a price-to-earnings ratio of 15.30. The company has a 50-day moving average price of $20.07.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.16. Ategrity Specialty had a return on equity of 13.60% and a net margin of 17.44%.The business had revenue of $123.34 million during the quarter, compared to the consensus estimate of $111.45 million.

Institutional Investors Weigh In On Ategrity Specialty

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Ategrity Specialty by 110.2% during the fourth quarter. State Street Corp now owns 92,891 shares of the company’s stock worth $1,952,000 after purchasing an additional 48,690 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in Ategrity Specialty by 19.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 71,903 shares of the company’s stock worth $1,511,000 after purchasing an additional 11,903 shares during the last quarter. Norges Bank purchased a new stake in Ategrity Specialty during the fourth quarter worth approximately $840,000. Jane Street Group LLC purchased a new stake in Ategrity Specialty in the fourth quarter valued at approximately $798,000. Finally, Wells Fargo & Company MN lifted its stake in Ategrity Specialty by 14.2% in the fourth quarter. Wells Fargo & Company MN now owns 27,029 shares of the company’s stock valued at $568,000 after buying an additional 3,363 shares during 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.