Ategrity Specialty (NYSE:ASIC) Upgraded by Zacks Research to Strong-Buy Rating

Ategrity Specialty (NYSE:ASIC) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Several other brokerages have also recently issued reports on ASIC. Barclays upped their target price on shares of Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. JPMorgan Chase & Co. increased their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 24th. Citigroup cut shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price target for the company. in a research note on Thursday, February 26th. Finally, Wells Fargo & Company decreased their price target on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Ategrity Specialty Stock Performance

Shares of Ategrity Specialty stock opened at $20.67 on Thursday. The firm has a fifty day moving average of $20.03. Ategrity Specialty has a 12-month low of $16.35 and a 12-month high of $25.30. The firm has a market cap of $992.83 million and a PE ratio of 11.11.

Ategrity Specialty (NYSE:ASIC) last issued its 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 business had revenue of $128.96 million during the quarter. Analysts expect that Ategrity Specialty will post 1.98 earnings per share for the current year.

Institutional Trading of Ategrity Specialty

A number of large investors have recently bought and sold shares of ASIC. State of Alaska Department of Revenue acquired a new stake in Ategrity Specialty during the 4th quarter worth $76,000. Strs Ohio boosted its stake in Ategrity Specialty by 54.5% during 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 Ategrity Specialty by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock worth $3,221,000 after purchasing an additional 4,866 shares during the period. Norges Bank purchased a new position in Ategrity Specialty during the 4th quarter worth $840,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Ategrity Specialty by 57.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock worth $1,183,000 after acquiring an additional 20,426 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.