Ategrity Specialty (NYSE:ASIC) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Ategrity Specialty (NYSE:ASIC) had its price target trimmed by JPMorgan Chase & Co. from $29.00 to $27.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

ASIC has been the topic of several other research reports. Citigroup boosted their price objective on shares of Ategrity Specialty from $28.50 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. Barclays cut their price objective on shares of Ategrity Specialty from $28.00 to $27.00 and set an “overweight” rating on the stock in a report on Thursday, October 22nd. Wells Fargo & Company decreased their target price on shares of Ategrity Specialty from $31.00 to $29.00 and set an “overweight” rating for the company in a research note on Thursday, October 22nd. Wall Street Zen lowered shares of Ategrity Specialty from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Finally, Weiss Ratings cut Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.00.

Ategrity Specialty Trading Down 0.8%

ASIC opened at $23.29 on Monday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 11.76 and a beta of -0.55. The stock has a fifty day simple moving average of $26.44 and a two-hundred day simple moving average of $22.39. Ategrity Specialty has a 12-month low of $16.73 and a 12-month high of $29.00.

Ategrity Specialty (NYSE:ASIC) last announced its earnings results on Wednesday, October 21st. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.21). The business had revenue of $125.59 million for the quarter. Ategrity Specialty had a net margin of 19.10% and a return on equity of 15.51%. On average, analysts predict that Ategrity Specialty will post 2.03 EPS for the current year.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue lifted its position in Ategrity Specialty by 52.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company’s stock valued at $142,000 after acquiring an additional 1,926 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Ategrity Specialty in the second quarter worth $218,000. Bank of New York Mellon Corp raised its stake in shares of Ategrity Specialty by 12.9% in the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock worth $312,000 after purchasing an additional 1,809 shares during the last quarter. State of Wyoming lifted its holdings 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 valued at $417,000 after purchasing an additional 18,612 shares in the last quarter. Finally, ProCore Advisors LLC lifted its holdings in shares of Ategrity Specialty by 3.3% during the third quarter. ProCore Advisors LLC now owns 16,954 shares of the company’s stock valued at $433,000 after purchasing an additional 548 shares in the last quarter.

About Ategrity Specialty

Ategrity Specialty is a specialty property and casualty insurance company focused on the excess and surplus (E&S) insurance market. The company provides coverage for risks that may be difficult to place in the standard insurance market because of their size, complexity, unusual characteristics or limited loss history.

Its business is centered on underwriting specialty commercial insurance products, including coverage for property and liability exposures. Ategrity Specialty works with insurance brokers and other distribution partners to develop tailored solutions for businesses with specialized insurance needs.

The company primarily serves the U.S.