Ategrity Specialty (NYSE:ASIC) Downgraded by Wall Street Zen to Buy

Key Points

• Wall Street Zen downgraded Ategrity Specialty from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $28.88.
• Ategrity Specialty shares opened at $24.70, down 1.5%, with a market capitalization of approximately $1.19 billion and a 52-week trading range of $16.35 to $26.00.
• The company exceeded quarterly expectations, reporting $0.67 in EPS versus a $0.62 estimate and revenue of $148.48 million versus $141.33 million expected.

Ategrity Specialty (NYSE:ASIC - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

A number of other brokerages have also commented on ASIC. Wells Fargo & Company boosted their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Barclays increased their target price 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. JPMorgan Chase & Co. upped their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Weiss Ratings upgraded Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Finally, Zacks Research downgraded shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research 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 MarketBeat.com, Ategrity Specialty currently has an average rating of "Moderate Buy" and an average price target of $28.88.

Ategrity Specialty Stock Down 1.5%

NYSE:ASIC opened at $24.70 on Friday. The stock has a fifty day simple moving average of $23.39 and a 200-day simple moving average of $21.07. The company has a market capitalization of $1.19 billion, a PE ratio of 11.54 and a beta of -0.68. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $26.00.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.52%. The firm had revenue of $148.48 million during the quarter, compared to analysts' expectations of $141.33 million. As a group, equities analysts anticipate that Ategrity Specialty will post 2.16 earnings per share for the current year.

Hedge Funds Weigh In On Ategrity Specialty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Common Retirement Fund bought a new position in shares of Ategrity Specialty during the fourth quarter valued at $27,000. Strs Ohio boosted its holdings in Ategrity Specialty by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the company's stock valued at $36,000 after acquiring an additional 600 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Ategrity Specialty in the 4th quarter valued at $41,000. State of Wyoming increased its position 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 valued at $52,000 after buying an additional 2,329 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Ategrity Specialty during the fourth quarter worth 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.

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