Ategrity Specialty (NYSE:ASIC) Stock Gets Price Target Trim from Wells Fargo & Company

Ategrity Specialty (NYSE:ASIC) had its price target decreased by equities researchers at Wells Fargo & Company from $31.00 to $29.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company’s price objective suggests a potential upside of 17.89% from the stock’s current price.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Barclays set a $27.00 price target on Ategrity Specialty in a report on Thursday. Weiss Ratings downgraded Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Citigroup reissued a “neutral” rating on shares of Ategrity Specialty in a research note on Thursday. Finally, Wall Street Zen lowered Ategrity Specialty from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.38.

Ategrity Specialty Stock Performance

Shares of NYSE:ASIC traded down $3.27 during trading hours on Thursday, hitting $24.60. 54,644 shares of the company’s stock traded hands, compared to its average volume of 86,830. Ategrity Specialty has a 52 week low of $16.73 and a 52 week high of $29.00. The company’s fifty day simple moving average is $26.59 and its two-hundred day simple moving average is $23.50. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 11.50 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.21). Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. The business had revenue of $125.59 million during the quarter. On average, analysts anticipate that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Trading of Ategrity Specialty

Hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its holdings in shares of Ategrity Specialty by 52.6% during the third quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company’s stock worth $142,000 after purchasing an additional 1,926 shares during the period. ProCore Advisors LLC increased its stake in Ategrity Specialty by 3.3% in the 3rd quarter. ProCore Advisors LLC now owns 16,954 shares of the company’s stock valued at $433,000 after buying an additional 548 shares during the period. Allworth Financial LP increased its stake in Ategrity Specialty by 380,266.7% in the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company’s stock valued at $1,097,000 after buying an additional 45,632 shares during the period. Cannell Capital LLC purchased a new stake in Ategrity Specialty in the 2nd quarter worth approximately $11,791,187. Finally, Bank of America Corp DE acquired a new stake in shares of Ategrity Specialty during the 2nd quarter valued at $1,111,000.

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.