Ategrity Specialty (NYSE:ASIC) Cut to “Neutral” at Citigroup

Citigroup downgraded shares of Ategrity Specialty (NYSE:ASIC) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. They currently have $27.00 price target on the stock.

A number of other equities research analysts also recently weighed in on ASIC. Weiss Ratings initiated coverage on Ategrity Specialty in a research report on Wednesday, January 14th. They set a “sell (d)” rating for the company. Barclays lifted their price objective on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Wells Fargo & Company upped their target price on shares of Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.75.

Ategrity Specialty Trading Down 2.2%

ASIC opened at $22.18 on Thursday. Ategrity Specialty has a one year low of $16.35 and a one year high of $25.30. The company has a market cap of $1.07 billion and a PE ratio of 16.07.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.16. Ategrity Specialty had a net margin of 17.44% and a return on equity of 14.17%. The firm had revenue of $123.34 million during the quarter, compared to analysts’ expectations of $111.45 million.

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds have recently added to or reduced their stakes in the stock. VARCOV Co. bought a new position in Ategrity Specialty during the fourth quarter worth about $257,000. Millennium Management LLC boosted its stake in Ategrity Specialty by 312.6% during the 4th quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after acquiring an additional 156,952 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in Ategrity Specialty by 298.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after acquiring an additional 127,849 shares during the last quarter. Trexquant Investment LP acquired a new position in Ategrity Specialty during the fourth quarter valued at approximately $320,000. Finally, Price T Rowe Associates Inc. MD increased its stake 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 valued at $6,044,000 after purchasing an additional 105,254 shares in 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.