Ategrity Specialty (NYSE:ASIC) Reaches New 52-Week High – Here’s What Happened

Shares of Ategrity Specialty (NYSE:ASIC) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $24.48 and last traded at $24.2050, with a volume of 32475 shares traded. The stock had previously closed at $23.68.

Analysts Set New Price Targets

A number of brokerages have weighed in on ASIC. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings upgraded Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. Finally, Wells Fargo & Company cut their price objective on Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Ategrity Specialty has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

Ategrity Specialty Trading Up 3.8%

The business’s fifty day moving average is $20.45. The firm has a market cap of $1.18 billion and a price-to-earnings ratio of 13.20.

Ategrity Specialty (NYSE:ASIC) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $128.96 million during the quarter. Equities research analysts anticipate that Ategrity Specialty will post 1.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Ategrity Specialty

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