Ategrity Specialty (NYSE:ASIC) Stock Falls 15.2% Following Analyst Downgrade

Key Points

• Ategrity Specialty shares fell 15.2% to about $23.64 after Wells Fargo cut its price target from $31 to $29, while maintaining an overweight rating.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and average price target of $28.50, despite several recent target reductions and downgrades to “Hold.”
• The company reported quarterly earnings of $0.29 per share, missing the $0.50 consensus estimate, on revenue of $125.59 million.

Ategrity Specialty (NYSE:ASIC - Get Free Report)'s share price dropped 15.2% on Friday after Wells Fargo & Company lowered their price target on the stock from $31.00 to $29.00. Wells Fargo & Company currently has an overweight rating on the stock. Ategrity Specialty traded as low as $23.20 and last traded at $23.6440. Approximately 8,201 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 88,358 shares. The stock had previously closed at $27.87.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their price objective on Ategrity Specialty from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Wall Street Zen lowered shares of Ategrity Specialty from a "buy" rating to a "hold" rating in a report on Saturday, October 10th. Weiss Ratings cut shares of Ategrity Specialty from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, October 9th. Barclays dropped their price target on shares of Ategrity Specialty from $28.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Citigroup lifted their price target on shares of Ategrity Specialty from $28.50 to $29.00 and gave the stock a "neutral" rating in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.50.

Hedge Funds Weigh In On Ategrity Specialty

Several institutional investors have recently made changes to their positions in ASIC. State of Alaska Department of Revenue raised its holdings in shares of Ategrity Specialty by 52.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company's stock worth $142,000 after acquiring an additional 1,926 shares during the last quarter. ProCore Advisors LLC lifted its position in Ategrity Specialty by 3.3% in the 3rd quarter. ProCore Advisors LLC now owns 16,954 shares of the company's stock valued at $433,000 after acquiring an additional 548 shares in the last quarter. Allworth Financial LP boosted 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 valued at $1,097,000 after purchasing an additional 45,632 shares during the last quarter. Cannell Capital LLC acquired a new position in Ategrity Specialty during the 2nd quarter valued at about $11,791,187. Finally, Bank of America Corp DE bought a new stake in Ategrity Specialty during the 2nd quarter worth approximately $1,111,000.

Ategrity Specialty Trading Down 14.8%

The business has a fifty day simple moving average of $26.56 and a 200 day simple moving average of $23.53. The stock has a market capitalization of $1.14 billion, a P/E ratio of 11.09 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last issued its quarterly earnings data 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). Ategrity Specialty had a net margin of 19.10% and a return on equity of 15.51%. The company had revenue of $125.59 million for the quarter. As a group, research analysts forecast that Ategrity Specialty will post 2.22 earnings per share for the current year.

Ategrity Specialty Company Profile

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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