Ategrity Specialty (NYSE:ASIC) Price Target Cut to $29.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo cut Ategrity Specialty’s price target from $31 to $29 while maintaining an “overweight” rating, implying 17.89% potential upside from the prior close.
• Analyst sentiment remains cautiously positive, with three Buy and three Hold ratings and a consensus “Moderate Buy” recommendation; the average price target is $28.38.
• Ategrity Specialty shares fell to $24.60, while the company’s latest quarterly earnings of $0.29 per share missed the $0.50 consensus estimate by $0.21.

Ategrity Specialty (NYSE:ASIC - Get Free Report) had its price objective lowered by research analysts at Wells Fargo & Company from $31.00 to $29.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 17.89% from the company's previous close.

Other analysts have also issued reports about the company. Wall Street Zen lowered Ategrity Specialty from a "buy" rating to a "hold" rating in a report on Saturday, October 10th. Barclays set a $27.00 target price on Ategrity Specialty in a report on Thursday. Citigroup reiterated a "neutral" rating on shares of Ategrity Specialty in a research report on Thursday. Weiss Ratings downgraded Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, October 9th. Finally, JPMorgan Chase & Co. boosted their price target on Ategrity Specialty from $27.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Ategrity Specialty currently has a consensus rating of "Moderate Buy" and an average target price of $28.38.

Ategrity Specialty Price Performance

Shares of NYSE:ASIC traded down $3.27 during midday trading on Thursday, reaching $24.60. The company had a trading volume of 54,644 shares, compared to its average volume of 86,830. The stock has a market capitalization of $1.18 billion, a P/E ratio of 11.50 and a beta of -0.55. The stock's fifty day moving average price is $26.59 and its 200-day moving average price is $23.50. Ategrity Specialty has a one year low of $16.73 and a one year high of $29.00.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its earnings results on Wednesday, October 21st. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.21). The company had revenue of $125.59 million during the quarter. Ategrity Specialty had a return on equity of 17.12% and a net margin of 21.06%. As a group, sell-side analysts forecast that Ategrity Specialty will post 2.22 earnings per share for the current year.

Institutional Trading of Ategrity Specialty

A number of large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Ategrity Specialty in the second quarter worth about $14,779,000. Cannell Capital LLC acquired a new stake in Ategrity Specialty in the second quarter worth approximately $11,791,187. Arrowstreet Capital Limited Partnership bought a new position in Ategrity Specialty during the 1st quarter valued at $2,605,000. Bank of America Corp DE increased its position in shares of Ategrity Specialty by 14.7% during the 1st quarter. Bank of America Corp DE now owns 101,630 shares of the company's stock valued at $2,009,000 after purchasing an additional 12,988 shares during the period. Finally, Allworth Financial LP increased its position in shares of Ategrity Specialty by 380,266.7% during the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company's stock valued at $1,097,000 after purchasing an additional 45,632 shares during the period.

About Ategrity Specialty

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.

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