Analysts Set Ategrity Specialty (NYSE:ASIC) Target Price at $26.50

Ategrity Specialty (NYSE:ASIC) has been assigned an average recommendation of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $26.50.

Several research analysts have recently weighed in on the company. Barclays increased their price target on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Citigroup cut Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 price objective on the stock. in a research note on Thursday, February 26th. Wells Fargo & Company dropped their price objective on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, February 24th.

Institutional Investors Weigh In On Ategrity Specialty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. grew its position in shares of Ategrity Specialty by 19.8% in the fourth quarter. Alyeska Investment Group L.P. now owns 71,903 shares of the company’s stock valued at $1,511,000 after purchasing an additional 11,903 shares in the last quarter. Norges Bank purchased a new stake in Ategrity Specialty during the 4th quarter worth about $840,000. Jane Street Group LLC bought a new position in Ategrity Specialty in the 4th quarter worth about $798,000. Wells Fargo & Company MN boosted its stake in Ategrity Specialty by 14.2% in the 4th quarter. Wells Fargo & Company MN now owns 27,029 shares of the company’s stock worth $568,000 after purchasing an additional 3,363 shares during the period. Finally, Trexquant Investment LP purchased a new position in Ategrity Specialty during the 4th quarter valued at about $320,000.

Ategrity Specialty Price Performance

NYSE:ASIC opened at $20.62 on Friday. Ategrity Specialty has a 12 month low of $16.35 and a 12 month high of $25.30. The business has a 50 day moving average of $20.00. The company has a market cap of $990.38 million and a PE ratio of 11.09.

Ategrity Specialty (NYSE:ASIC) last released its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.11. The business had revenue of $128.96 million during the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. As a group, sell-side analysts anticipate that Ategrity Specialty will post 1.81 EPS for the current year.

About Ategrity Specialty

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.