Ategrity Specialty (NYSE:ASIC) Trading 5.1% Higher – What’s Next?

Shares of Ategrity Specialty (NYSE:ASIC) traded up 5.1% during trading on Friday . The stock traded as high as $20.56 and last traded at $20.4360. 35,891 shares were traded during mid-day trading, a decline of 64% from the average session volume of 98,517 shares. The stock had previously closed at $19.44.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 24th. Citigroup cut shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 target price for the company. in a report on Thursday, February 26th. Zacks Research upgraded shares of Ategrity Specialty from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Weiss Ratings lowered Ategrity Specialty from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Finally, Wall Street Zen upgraded Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Ategrity Specialty Trading Up 4.7%

The stock has a market cap of $977.86 million and a P/E ratio of 10.95. The stock has a 50-day simple moving average of $20.06.

Ategrity Specialty (NYSE:ASIC) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. The business had revenue of $128.96 million for the quarter. Ategrity Specialty had a net margin of 19.75% and a return on equity of 15.29%. As a group, equities research analysts forecast that Ategrity Specialty will post 1.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

Large investors have recently modified their holdings of the business. Bank of America Corp DE boosted its stake in shares of Ategrity Specialty by 14.7% in the first quarter. Bank of America Corp DE now owns 101,630 shares of the company’s stock valued at $2,009,000 after buying an additional 12,988 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Ategrity Specialty by 68.4% during the first quarter. Renaissance Technologies LLC now owns 41,600 shares of the company’s stock worth $822,000 after acquiring an additional 16,900 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Ategrity Specialty in the first quarter worth $2,605,000. State of Wyoming raised its position in Ategrity Specialty by 753.8% in the first quarter. State of Wyoming now owns 21,081 shares of the company’s stock worth $417,000 after acquiring an additional 18,612 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Ategrity Specialty by 12.9% in the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock valued at $312,000 after acquiring an additional 1,809 shares during the period.

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.