JPMorgan Chase & Co. Issues Pessimistic Forecast for Ategrity Specialty (NYSE:ASIC) Stock Price

Ategrity Specialty (NYSE:ASIC) had its price objective reduced by JPMorgan Chase & Co. from $29.00 to $27.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 14.53% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Barclays lowered their price target on shares of Ategrity Specialty from $28.00 to $27.00 and set an “overweight” rating on the stock in a research note on Thursday. Citigroup increased 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. Wells Fargo & Company decreased their price objective on Ategrity Specialty from $31.00 to $29.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Wall Street Zen cut Ategrity Specialty from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.00.

Ategrity Specialty Price Performance

Shares of ASIC traded down $0.54 during mid-day trading on Monday, hitting $23.57. 24,732 shares of the company’s stock were exchanged, compared to its average volume of 88,286. The company has a market cap of $1.13 billion, a PE ratio of 11.91 and a beta of -0.55. Ategrity Specialty has a 52 week low of $16.73 and a 52 week high of $29.00. The company has a 50-day simple moving average of $26.55 and a 200 day simple moving average of $23.55.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.21). The business had revenue of $125.59 million during the quarter. Ategrity Specialty had a net margin of 19.10% and a return on equity of 15.51%. On average, analysts anticipate that Ategrity Specialty will post 2.22 earnings per share for the current year.

Hedge Funds Weigh In On Ategrity Specialty

A number of institutional investors have recently added to or reduced their stakes in ASIC. State of Alaska Department of Revenue lifted its stake in Ategrity Specialty by 52.6% in the third 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 during the last quarter. Deutsche Bank AG acquired a new position in shares of Ategrity Specialty during the 2nd quarter worth about $218,000. Bank of New York Mellon Corp increased its stake in shares of Ategrity Specialty by 12.9% during the 1st 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 increased its stake in shares of Ategrity Specialty by 753.8% during the 1st quarter. State of Wyoming now owns 21,081 shares of the company’s stock worth $417,000 after purchasing an additional 18,612 shares during the last quarter. Finally, ProCore Advisors LLC raised its holdings in shares of 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 purchasing an additional 548 shares during the period.

Ategrity Specialty Company Profile

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.