Ategrity Specialty (NYSE:ASIC) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen lowered shares of Ategrity Specialty (NYSE:ASIC) from a strong-buy rating to a buy rating in a report issued on Saturday.

ASIC has been the topic of several other reports. Citigroup raised their target price on Ategrity Specialty from $27.00 to $28.50 and gave the stock a “neutral” rating in a report on Friday, July 31st. Barclays upped their price objective on Ategrity Specialty from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Zacks Research cut shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Finally, Wells Fargo & Company boosted their target price on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.88.

Ategrity Specialty Price Performance

Shares of Ategrity Specialty stock opened at $24.70 on Friday. The stock has a market cap of $1.19 billion, a PE ratio of 11.54 and a beta of -0.68. The firm has a fifty day moving average price of $23.39 and a 200 day moving average price of $21.07. Ategrity Specialty has a 1 year low of $16.35 and a 1 year high of $26.00.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.62 by $0.05. The company had revenue of $148.48 million for the quarter, compared to analyst estimates of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.52%. As a group, equities analysts expect that Ategrity Specialty will post 2.16 EPS for the current year.

Institutional Trading of Ategrity Specialty

Institutional investors and hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund acquired a new stake in Ategrity Specialty in the 4th quarter valued at $27,000. Strs Ohio raised its position in Ategrity Specialty by 54.5% during the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after acquiring an additional 600 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new position in Ategrity Specialty during the fourth quarter valued at $41,000. State of Wyoming lifted its holdings 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 purchasing an additional 2,329 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Ategrity Specialty in the fourth quarter valued at about $76,000.

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.