Ategrity Specialty (NYSE:ASIC) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Ategrity Specialty (NYSE:ASIC) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

Other equities analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. increased their price target on shares of Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Barclays lifted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Wells Fargo & Company boosted their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Citigroup upped their target price on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Stock Performance

Shares of NYSE ASIC opened at $24.16 on Friday. The stock has a 50 day moving average price of $23.47 and a 200 day moving average price of $21.14. The stock has a market capitalization of $1.16 billion, a PE ratio of 11.29 and a beta of -0.68. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $26.00.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%.The firm had revenue of $148.48 million for the quarter, compared to analyst estimates of $141.33 million. As a group, research analysts forecast that Ategrity Specialty will post 2.16 EPS for the current year.

Institutional Investors Weigh In On Ategrity Specialty

Several hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC boosted its position in 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 purchasing an additional 61,725 shares during the period. BlackRock Inc. bought a new position in shares of Ategrity Specialty in the second quarter valued at about $14,779,000. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 buying an additional 105,254 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Ategrity Specialty by 312.6% during the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after buying an additional 156,952 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Ategrity Specialty by 298.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after buying an additional 127,849 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.