Ategrity Specialty (NYSE:ASIC) Shares Up 7.5% – Should You Buy?

Ategrity Specialty (NYSE:ASIC) shares were up 7.5% during mid-day trading on Friday . The company traded as high as $23.04 and last traded at $23.0340. Approximately 12,276 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 93,117 shares. The stock had previously closed at $21.42.

Wall Street Analyst Weigh In

ASIC has been the subject of a number of research reports. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Citigroup cut shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price target on the stock. in a research note on Thursday, February 26th. Wall Street Zen raised shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Finally, Wells Fargo & Company reduced their price objective on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.50.

Ategrity Specialty Stock Up 7.4%

The company’s 50-day moving average price is $20.39. The company has a market capitalization of $1.10 billion and a PE ratio of 12.36.

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

Institutional Trading of Ategrity Specialty

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nuveen LLC lifted its stake in shares of Ategrity Specialty by 9.6% during the 4th quarter. Nuveen LLC now owns 704,961 shares of the company’s stock valued at $14,811,000 after buying an additional 61,725 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Ategrity Specialty by 57.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock valued at $6,044,000 after acquiring an additional 105,254 shares during the period. Millennium Management LLC raised its holdings in Ategrity Specialty by 312.6% during the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock valued at $4,353,000 after acquiring an additional 156,952 shares during the period. Balyasny Asset Management L.P. lifted its position in shares of Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock valued at $3,587,000 after acquiring an additional 127,849 shares in the last quarter. Finally, State of Wisconsin Investment Board lifted its position in shares of Ategrity Specialty by 26.1% in the fourth quarter. State of Wisconsin Investment Board now owns 157,601 shares of the company’s stock valued at $3,311,000 after acquiring an additional 32,601 shares in 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.