Ategrity Specialty (NYSE:ASIC) Stock Gets Downgrade from Wall Street Zen

Ategrity Specialty (NYSE:ASIC) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

ASIC has been the topic of several other research reports. Citigroup boosted their price target on Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday, July 31st. Barclays increased their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Wells Fargo & Company increased their price objective on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded Ategrity Specialty from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Finally, Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ategrity Specialty has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Ategrity Specialty Stock Performance

NYSE ASIC opened at $25.96 on Friday. The firm’s fifty day moving average is $26.23 and its two-hundred day moving average is $23.07. Ategrity Specialty has a one year low of $16.49 and a one year high of $29.00. The firm has a market cap of $1.24 billion, a PE ratio of 12.13 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC) last announced its 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 net margin of 21.06% and a return on equity of 17.12%. The business had revenue of $148.48 million during the quarter, compared to the consensus estimate of $141.33 million. Research analysts predict that Ategrity Specialty will post 2.22 earnings per share for the current year.

Institutional Trading of Ategrity Specialty

Several hedge funds have recently made changes to their positions in ASIC. Deutsche Bank AG purchased a new stake in shares of Ategrity Specialty in the second quarter valued at about $218,000. Bank of New York Mellon Corp increased its stake in shares of Ategrity Specialty by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock worth $312,000 after acquiring an additional 1,809 shares during the period. State of Wyoming increased its stake in shares of Ategrity Specialty by 753.8% during the first quarter. State of Wyoming now owns 21,081 shares of the company’s stock worth $417,000 after acquiring an additional 18,612 shares during the period. Strs Ohio raised its holdings in Ategrity Specialty by 1,476.5% during the first quarter. Strs Ohio now owns 26,800 shares of the company’s stock worth $530,000 after purchasing an additional 25,100 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Ategrity Specialty by 68.4% during the first quarter. Renaissance Technologies LLC now owns 41,600 shares of the company’s stock worth $822,000 after purchasing an additional 16,900 shares in the last quarter.

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.