Ategrity Specialty (NYSE:ASIC) Reaches New 52-Week High – Time to Buy?

Ategrity Specialty (NYSE:ASIC) shares reached a new 52-week high on Thursday . The stock traded as high as $27.22 and last traded at $26.59, with a volume of 75593 shares. The stock had previously closed at $26.90.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 14th. Barclays upped their target price on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Wells Fargo & Company lifted their price target on Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Finally, JPMorgan Chase & Co. increased their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Ategrity Specialty currently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Stock Performance

The stock has a market cap of $1.28 billion, a P/E ratio of 12.47 and a beta of -0.68. The company’s 50 day moving average price is $24.36 and its 200-day moving average price is $21.62.

Ategrity Specialty (NYSE:ASIC) last announced its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $141.33 million. On average, analysts forecast that Ategrity Specialty will post 2.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds have recently modified their holdings of the company. Nuveen LLC boosted its stake in shares of Ategrity Specialty by 9.6% in the 4th quarter. Nuveen LLC now owns 704,961 shares of the company’s stock worth $14,811,000 after buying an additional 61,725 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Ategrity Specialty during the second quarter valued at approximately $14,779,000. Cannell Capital LLC bought a new stake in Ategrity Specialty during the second quarter worth $11,791,187. Price T Rowe Associates Inc. MD boosted its position in Ategrity Specialty by 57.7% in the fourth 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. Finally, Millennium Management LLC boosted its position in Ategrity Specialty by 312.6% in the fourth 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 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.