Ategrity Specialty (NYSE:ASIC) Shares Gap Up Following Earnings Beat

Ategrity Specialty (NYSE:ASIC) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $17.50, but opened at $19.22. Ategrity Specialty shares last traded at $20.18, with a volume of 49,615 shares.

The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.16. The business had revenue of $123.34 million for the quarter, compared to analysts’ expectations of $111.45 million. Ategrity Specialty had a return on equity of 15.15% and a net margin of 17.32%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ASIC. Weiss Ratings assumed coverage on Ategrity Specialty in a research report on Wednesday, January 14th. They issued a “sell (d)” rating on the stock. Barclays restated an “overweight” rating and issued a $26.00 price objective on shares of Ategrity Specialty in a research report on Friday. Finally, Wells Fargo & Company lifted their target price on shares of Ategrity Specialty from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Tuesday, January 13th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $25.50.

Institutional Investors Weigh In On Ategrity Specialty

Institutional investors and hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue purchased a new position in shares of Ategrity Specialty during the fourth quarter valued at approximately $76,000. Strs Ohio lifted its position in shares of Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Geode Capital Management LLC boosted its stake in shares of Ategrity Specialty by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock valued at $3,221,000 after purchasing an additional 4,866 shares in the last quarter. Norges Bank purchased a new position in shares of Ategrity Specialty during the fourth quarter valued at about $840,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Ategrity Specialty by 57.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock worth $1,183,000 after buying an additional 20,426 shares during the period.

Ategrity Specialty Trading Up 14.3%

The firm has a market capitalization of $961.40 million and a P/E ratio of 22.99.

About Ategrity Specialty

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.