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

Ategrity Specialty (NYSE:ASIC) had its price target hoisted by JPMorgan Chase & Co. from $27.00 to $29.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also commented on the company. Wall Street Zen raised Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings upgraded Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Wells Fargo & Company upped their target price on Ategrity Specialty from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Barclays increased their price target on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Finally, Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.50.

Ategrity Specialty Trading Up 4.1%

ASIC opened at $23.72 on Monday. The company has a market capitalization of $1.14 billion and a PE ratio of 12.75. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $25.84. The company has a fifty day moving average price of $21.76.

Ategrity Specialty (NYSE:ASIC) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.11. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The business had revenue of $128.96 million for the quarter. As a group, equities research analysts predict that Ategrity Specialty will post 1.98 EPS for the current year.

Hedge Funds Weigh In On Ategrity Specialty

A number of hedge funds and other institutional investors have recently made changes to their positions in ASIC. State of Alaska Department of Revenue purchased a new stake in Ategrity Specialty in the fourth quarter worth $76,000. Strs Ohio increased its position in Ategrity Specialty by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Geode Capital Management LLC increased its position in Ategrity Specialty by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock valued at $3,221,000 after purchasing an additional 4,866 shares during the period. Norges Bank bought a new position in Ategrity Specialty in the 4th quarter worth $840,000. Finally, Goldman Sachs Group Inc. raised its holdings in Ategrity Specialty by 57.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock worth $1,183,000 after purchasing an additional 20,426 shares in the last quarter.

Ategrity Specialty Company Profile

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.