Cannell Capital LLC Makes New Investment in Ategrity Specialty $ASIC

Cannell Capital LLC acquired a new stake in shares of Ategrity Specialty (NYSE:ASIC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 490,482 shares of the company’s stock, valued at approximately $11,791,187. Ategrity Specialty makes up 0.0% of Cannell Capital LLC’s investment portfolio, making the stock its largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of ASIC. New York State Common Retirement Fund acquired a new stake in Ategrity Specialty during the fourth quarter worth approximately $27,000. Strs Ohio raised its holdings in 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 in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Ategrity Specialty during the 4th quarter valued at $41,000. State of Wyoming increased its stake in shares of Ategrity Specialty by 1,663.6% in the fourth quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after buying an additional 2,329 shares during the period. Finally, Deutsche Bank AG bought a new position in Ategrity Specialty during the second quarter worth $218,000.

Ategrity Specialty Trading Up 1.3%

Shares of Ategrity Specialty stock opened at $26.68 on Friday. The business’s fifty day simple moving average is $24.36 and its 200 day simple moving average is $21.62. The firm has a market capitalization of $1.28 billion, a P/E ratio of 12.47 and a beta of -0.68. Ategrity Specialty has a 12 month low of $16.35 and a 12 month high of $27.22.

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

Wall Street Analyst Weigh In

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

Ategrity Specialty 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.