Wells Fargo & Company Has Lowered Expectations for Ategrity Specialty (NYSE:ASIC) Stock Price

Key Points

• Wells Fargo trimmed its price target on Ategrity Specialty from $27 to $26 but kept an "overweight" rating, implying about a 15.8% upside from the prior close.
• Ategrity beat Q1 EPS estimates ($0.51 vs. $0.40) on $128.96M revenue, and analysts hold a consensus "Moderate Buy" with an average price target of $26.50 while the stock trades near $22.45 (market cap ~$1.08B).

Ategrity Specialty (NYSE:ASIC - Get Free Report) had its target price reduced by Wells Fargo & Company from $27.00 to $26.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 15.80% from the company's previous close.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 24th. Weiss Ratings upgraded Ategrity Specialty from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 9th. Citigroup downgraded Ategrity Specialty from a "buy" rating to a "neutral" rating and set a $27.00 price objective on the stock. in a report on Thursday, February 26th. Finally, Barclays upped their target price on Ategrity Specialty from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, February 20th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.50.

Ategrity Specialty Stock Performance

Shares of NYSE ASIC opened at $22.45 on Thursday. The firm has a market capitalization of $1.08 billion and a P/E ratio of 16.52. Ategrity Specialty has a 12 month low of $16.35 and a 12 month high of $25.30. The business's 50-day simple moving average is $20.53.

Ategrity Specialty (NYSE:ASIC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.11. The company had revenue of $128.96 million for the quarter. Ategrity Specialty had a net margin of 17.44% and a return on equity of 13.60%. As a group, equities research analysts forecast that Ategrity Specialty will post 1.81 EPS for the current year.

Hedge Funds Weigh In On Ategrity Specialty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in shares of Ategrity Specialty by 312.6% in the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company's stock valued at $4,353,000 after purchasing an additional 156,952 shares during the period. Balyasny Asset Management L.P. increased its holdings in Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company's stock worth $3,587,000 after purchasing an additional 127,849 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Ategrity Specialty by 57.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company's stock worth $6,044,000 after purchasing an additional 105,254 shares in the last quarter. Walleye Capital LLC lifted its stake in Ategrity Specialty by 290.0% in the fourth quarter. Walleye Capital LLC now owns 94,214 shares of the company's stock valued at $1,979,000 after buying an additional 70,056 shares during the period. Finally, Nuveen LLC boosted its holdings in shares of Ategrity Specialty by 9.6% during the 4th quarter. Nuveen LLC now owns 704,961 shares of the company's stock worth $14,811,000 after buying an additional 61,725 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.