Ategrity Specialty (NYSE:ASIC) Stock Price Up 6.5% on Analyst Upgrade

Ategrity Specialty (NYSE:ASIC)’s share price was up 6.5% during trading on Monday after Wells Fargo & Company raised their price target on the stock from $25.00 to $27.00. Wells Fargo & Company currently has an overweight rating on the stock. Ategrity Specialty traded as high as $23.25 and last traded at $23.03. Approximately 163,579 shares changed hands during mid-day trading, an increase of 43% from the average daily volume of 114,610 shares. The stock had previously closed at $21.63.

A number of other brokerages have also recently weighed in on ASIC. Barclays increased their price target on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday. Weiss Ratings initiated coverage on shares of Ategrity Specialty in a research report on Wednesday, January 14th. They issued a “sell (d)” rating on the stock. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.50.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund acquired a new stake in shares of Ategrity Specialty during the 4th quarter worth about $27,000. Strs Ohio raised its position in shares of Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after acquiring an additional 600 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Ategrity Specialty in the 4th quarter worth $41,000. State of Wyoming grew its stake in Ategrity Specialty by 1,663.6% during the fourth quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after acquiring an additional 2,329 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in Ategrity Specialty in the 4th quarter worth approximately $76,000.

Ategrity Specialty Stock Performance

The company has a market cap of $1.11 billion and a PE ratio of 26.64.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.16. The business had revenue of $123.34 million during the quarter, compared to analyst estimates of $111.45 million. Ategrity Specialty had a return on equity of 14.17% and a net margin of 17.44%.

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.