Ategrity Specialty (NYSE:ASIC) Trading Up 6.5% After Analyst Upgrade

Ategrity Specialty (NYSE:ASIC) shares shot up 6.5% during trading on Monday after Wells Fargo & Company raised their price target on the stock from $25.00 to $27.00. Wells Fargo & Company currently has an overweight rating on the stock. Ategrity Specialty traded as high as $23.25 and last traded at $23.03. 163,579 shares were traded during mid-day trading, an increase of 43% from the average session volume of 114,610 shares. The stock had previously closed at $21.63.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings started coverage on shares of Ategrity Specialty in a report on Wednesday, January 14th. They issued a “sell (d)” rating on the stock. Barclays boosted their target price on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ASIC. New York State Common Retirement Fund purchased a new position in shares of Ategrity Specialty during the 4th quarter valued at about $27,000. Strs Ohio raised its stake in shares of 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 in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Ategrity Specialty in the 4th quarter worth approximately $41,000. State of Wyoming lifted its holdings in shares of Ategrity Specialty by 1,663.6% in the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock worth $52,000 after acquiring an additional 2,329 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Ategrity Specialty in the 4th quarter valued at $76,000.

Ategrity Specialty Stock Performance

The firm has a market cap of $1.10 billion and a P/E ratio of 26.36.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.16. Ategrity Specialty had a net margin of 17.44% and a return on equity of 14.17%. The business had revenue of $123.34 million during the quarter, compared to analyst estimates of $111.45 million.

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.