Ategrity Specialty (NYSE:ASIC) Hits New 1-Year High – Time to Buy?

Ategrity Specialty (NYSE:ASIC) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $26.21 and last traded at $25.87, with a volume of 22750 shares traded. The stock had previously closed at $25.29.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Citigroup boosted their price target on Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research note on Friday, July 31st. Zacks Research cut Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Barclays boosted their target price on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company upped their target price on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 14th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Ategrity Specialty presently has an average rating of “Moderate Buy” and an average price target of $28.88.

Ategrity Specialty Trading Up 2.8%

The stock has a market cap of $1.25 billion, a P/E ratio of 12.14 and a beta of -0.68. The business’s fifty day simple moving average is $23.71 and its 200 day simple moving average is $21.30.

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, topping analysts’ consensus estimates of $0.62 by $0.05. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. The company had revenue of $148.48 million for the quarter, compared to analyst estimates of $141.33 million. On average, analysts predict that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ASIC. New York State Common Retirement Fund bought a new stake in shares of Ategrity Specialty during the fourth quarter worth $27,000. Strs Ohio boosted its holdings in Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after acquiring an additional 600 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in Ategrity Specialty in the fourth quarter worth about $41,000. State of Wyoming raised its holdings in Ategrity Specialty by 1,663.6% during the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock worth $52,000 after purchasing an additional 2,329 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in Ategrity Specialty during the 4th quarter worth about $76,000.

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.