Ategrity Specialty (NYSE:ASIC) Rating Lowered to Neutral at Citigroup

Ategrity Specialty (NYSE:ASIC) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday,Finviz reports. They presently have a $27.00 price objective on the stock. Citigroup’s price target suggests a potential upside of 13.54% from the company’s current price.

A number of other brokerages have also recently weighed in on ASIC. Barclays upped their price target on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. 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. JPMorgan Chase & Co. lifted their target price on shares of Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Wells Fargo & Company increased their price target on Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.75.

Ategrity Specialty Stock Up 7.1%

NYSE:ASIC opened at $23.78 on Thursday. The stock has a market cap of $1.14 billion and a PE ratio of 17.23. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $25.30.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.16. Ategrity Specialty had a net margin of 17.44% and a return on equity of 14.17%. The firm had revenue of $123.34 million during the quarter, compared to analysts’ expectations of $111.45 million.

Institutional Investors Weigh In On Ategrity Specialty

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC raised its stake in shares of Ategrity Specialty by 312.6% during the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after purchasing an additional 156,952 shares in the last quarter. Balyasny Asset Management L.P. raised its position in Ategrity Specialty by 298.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after acquiring an additional 127,849 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Ategrity Specialty by 57.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock valued at $6,044,000 after acquiring an additional 105,254 shares during the last quarter. Walleye Capital LLC grew its position in shares of Ategrity Specialty by 290.0% in the 4th quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock valued at $1,979,000 after acquiring an additional 70,056 shares during the period. Finally, Nuveen LLC increased its stake in shares of Ategrity Specialty by 9.6% during the 4th quarter. Nuveen LLC now owns 704,961 shares of the company’s stock worth $14,811,000 after purchasing an additional 61,725 shares during the last quarter.

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.