Ategrity Specialty (NYSE:ASIC) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of Ategrity Specialty (NYSE:ASIC) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts have also weighed in on ASIC. Barclays boosted 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 lifted their price target 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. Citigroup boosted their price objective on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday, July 31st. Weiss Ratings raised Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, September 24th. Finally, JPMorgan Chase & Co. increased their target price on Ategrity Specialty from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.88.

Ategrity Specialty Trading Down 3.6%

Ategrity Specialty stock opened at $25.96 on Friday. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 12.13 and a beta of -0.55. The stock has a 50 day moving average of $26.23 and a two-hundred day moving average of $23.04. Ategrity Specialty has a twelve month low of $16.49 and a twelve month high of $29.00.

Ategrity Specialty (NYSE:ASIC) last released its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.05. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. The company had revenue of $148.48 million during the quarter, compared to the consensus estimate of $141.33 million. Equities analysts predict that Ategrity Specialty will post 2.22 earnings per share for the current year.

Institutional Investors Weigh In On Ategrity Specialty

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Ategrity Specialty in the 2nd quarter valued at $14,779,000. Cannell Capital LLC bought a new position in shares of Ategrity Specialty during the second quarter valued at about $11,791,187. Arrowstreet Capital Limited Partnership bought a new position in Ategrity Specialty during the 1st quarter valued at approximately $2,605,000. Bank of America Corp DE purchased a new stake in Ategrity Specialty in the second quarter worth $1,111,000. Finally, Allworth Financial LP bought a new stake in Ategrity Specialty during the 2nd quarter valued at about $1,097,000.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty insurance company that focuses on excess and surplus (E&S) risks that may be difficult to place in the standard insurance market. The company provides underwriting capacity for businesses and exposures requiring customized coverage, specialized expertise, or higher limits.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability, and other complex or hard-to-place risks. Ategrity distributes its products primarily through wholesale brokers and other insurance intermediaries, working with brokers to assess individual risks and structure tailored policies.

The company serves the U.S.