Wells Fargo & Company Issues Positive Forecast for Ategrity Specialty (NYSE:ASIC) Stock Price

Ategrity Specialty (NYSE:ASIC) had its price objective upped by analysts at Wells Fargo & Company from $25.00 to $27.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 29.75% from the company’s current price.

A number of other brokerages have also issued reports on ASIC. Barclays increased their target price on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday. Weiss Ratings started coverage on shares of Ategrity Specialty in a research report on Wednesday, January 14th. They issued a “sell (d)” rating for the company. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ategrity Specialty has a consensus rating of “Hold” and a consensus price target of $26.50.

Ategrity Specialty Trading Up 18.9%

Shares of ASIC traded up $3.31 during trading hours on Friday, reaching $20.81. 477,228 shares of the company traded hands, compared to its average volume of 100,522. Ategrity Specialty has a 12-month low of $16.35 and a 12-month high of $25.30. The firm has a market capitalization of $1.00 billion and a P/E ratio of 23.92.

Ategrity Specialty (NYSE:ASIC) last announced its earnings results on Thursday, February 19th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.16. Ategrity Specialty had a net margin of 17.32% and a return on equity of 15.15%. The company had revenue of $123.34 million during the quarter, compared to the consensus estimate of $111.45 million.

Institutional Investors Weigh In On Ategrity Specialty

Several institutional investors have recently made changes to their positions in the stock. New York State Common Retirement Fund acquired a new position in shares of Ategrity Specialty in the fourth quarter worth $27,000. Strs Ohio lifted its position in Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Ategrity Specialty during the 4th quarter valued at $41,000. State of Wyoming grew its position 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 bought a new stake in Ategrity Specialty during 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.