JPMorgan Chase & Co. Issues Pessimistic Forecast for Ategrity Specialty (NYSE:ASIC) Stock Price

Ategrity Specialty (NYSE:ASIC) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $29.00 to $27.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 14.53% from the stock’s current price.

Several other brokerages also recently issued reports on ASIC. Citigroup raised their price target on Ategrity Specialty from $28.50 to $29.00 and gave the company a “neutral” rating in a report on Thursday. Wall Street Zen downgraded shares of Ategrity Specialty from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Wells Fargo & Company dropped their price objective on shares of Ategrity Specialty from $31.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays cut their target price 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, Weiss Ratings cut shares of Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 9th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Ategrity Specialty Trading Down 2.2%

Shares of ASIC traded down $0.54 during mid-day trading on Monday, reaching $23.57. The company’s stock had a trading volume of 24,732 shares, compared to its average volume of 88,286. Ategrity Specialty has a 1-year low of $16.73 and a 1-year high of $29.00. The business has a 50-day simple moving average of $26.55 and a two-hundred day simple moving average of $23.55. The stock has a market cap of $1.13 billion, a P/E ratio of 11.91 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC) last posted its earnings results on Wednesday, October 21st. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.21). Ategrity Specialty had a return on equity of 15.51% and a net margin of 19.10%. The business had revenue of $125.59 million for the quarter. Research analysts anticipate that Ategrity Specialty will post 2.22 EPS for the current year.

Institutional Inflows and Outflows

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

About Ategrity Specialty

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.