Wells Fargo & Company Forecasts Strong Price Appreciation for Ategrity Specialty (NYSE:ASIC) Stock

Key Points

• Wells Fargo raised its price target on Ategrity Specialty from $26 to $30 and kept an overweight rating, implying about 24.9% upside from the prior close.
• Analyst sentiment is mixed but still constructive: the stock has three Buy ratings and three Hold ratings, with a consensus Moderate Buy and an average target price of $28.
• Ategrity Specialty recently reported better-than-expected earnings, posting $0.51 EPS versus the $0.40 estimate, while shares traded down 0.9% to $24.01 on relatively light volume.

Ategrity Specialty (NYSE:ASIC - Get Free Report) had its target price boosted by stock analysts at Wells Fargo & Company from $26.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 24.93% from the stock's previous close.

Other analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Ategrity Specialty from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Barclays boosted their price objective on shares of Ategrity Specialty from $26.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday. Weiss Ratings raised shares of Ategrity Specialty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 18th. Finally, Wall Street Zen raised shares of Ategrity Specialty from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Ategrity Specialty currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.00.

Ategrity Specialty Stock Down 0.9%

ASIC stock traded down $0.23 during trading on Thursday, reaching $24.01. 26,981 shares of the stock traded hands, compared to its average volume of 94,271. The firm has a market cap of $1.15 billion and a price-to-earnings ratio of 12.90. The firm's 50 day simple moving average is $21.11. Ategrity Specialty has a 52-week low of $16.35 and a 52-week high of $25.84.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.11. The company had revenue of $128.96 million for the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. Equities research analysts anticipate that Ategrity Specialty will post 1.98 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Jane Street Group LLC bought a new stake in shares of Ategrity Specialty in the 4th quarter worth about $798,000. Wells Fargo & Company MN lifted its position in shares of Ategrity Specialty by 14.2% during the fourth quarter. Wells Fargo & Company MN now owns 27,029 shares of the company's stock worth $568,000 after purchasing an additional 3,363 shares during the last quarter. Trexquant Investment LP acquired a new position in Ategrity Specialty in the fourth quarter worth about $320,000. VARCOV Co. acquired a new position in Ategrity Specialty in the fourth quarter worth about $257,000. Finally, State of Wyoming increased its holdings in Ategrity Specialty by 1,663.6% in the fourth 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 during the last quarter.

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.

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