Ategrity Specialty (NYSE:ASIC) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Ategrity Specialty from “buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $28.88.
• Ategrity Specialty shares opened at $25.96, compared with a 12-month range of $16.49 to $29.00. The stock has a market capitalization of approximately $1.24 billion and a P/E ratio of 12.13.
• The company exceeded quarterly expectations, reporting $0.67 in EPS versus a $0.62 consensus estimate and revenue of $148.48 million versus forecasts of $141.33 million; several institutional investors also increased or initiated positions.

Ategrity Specialty (NYSE:ASIC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Citigroup increased their target price on shares of Ategrity Specialty from $27.00 to $28.50 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Zacks Research cut shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Barclays upped their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company increased their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Ategrity Specialty Price Performance

Shares of ASIC stock opened at $25.96 on Friday. The firm's 50-day moving average is $26.23 and its two-hundred day moving average is $23.04. Ategrity Specialty has a 12 month low of $16.49 and a 12 month high of $29.00. The company has a market capitalization of $1.24 billion, a PE ratio of 12.13 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.62 by $0.05. The firm had revenue of $148.48 million for the quarter, compared to analyst estimates of $141.33 million. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. Sell-side analysts forecast that Ategrity Specialty will post 2.22 EPS for the current year.

Hedge Funds Weigh In On Ategrity Specialty

Institutional investors have recently modified their holdings of the business. Allworth Financial LP grew its stake in Ategrity Specialty by 380,266.7% during the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company's stock worth $1,097,000 after purchasing an additional 45,632 shares in the last quarter. BlackRock Inc. acquired a new stake in Ategrity Specialty in the 2nd quarter valued at about $14,779,000. Cannell Capital LLC acquired a new stake in Ategrity Specialty in the 2nd quarter valued at about $11,791,187. Bank of America Corp DE purchased a new position in shares of Ategrity Specialty in the 2nd quarter valued at about $1,111,000. Finally, Strs Ohio grew its position in shares of Ategrity Specialty by 1,476.5% during the first quarter. Strs Ohio now owns 26,800 shares of the company's stock worth $530,000 after buying an additional 25,100 shares in the last quarter.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty insurance company that focuses on excess and surplus (E&S) risks that may be difficult to place in the standard insurance market. The company provides underwriting capacity for businesses and exposures requiring customized coverage, specialized expertise, or higher limits.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability, and other complex or hard-to-place risks. Ategrity distributes its products primarily through wholesale brokers and other insurance intermediaries, working with brokers to assess individual risks and structure tailored policies.

The company serves the U.S.

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