Ategrity Specialty (NYSE:ASIC) Stock Price Down 7.2% After Analyst Downgrade

Ategrity Specialty (NYSE:ASIC) shares traded down 7.2% during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $27.00 to $26.00. Wells Fargo & Company currently has an overweight rating on the stock. Ategrity Specialty traded as low as $19.00 and last traded at $19.0350. 200,440 shares were traded during trading, an increase of 90% from the average session volume of 105,533 shares. The stock had previously closed at $20.51.

ASIC has been the subject of several other research reports. Barclays raised their price objective on shares of Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Weiss Ratings raised shares of Ategrity Specialty from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Citigroup lowered shares of Ategrity Specialty from a “buy” rating to a “neutral” rating and set a $27.00 target price on the stock. in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, February 24th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Hedge Funds Weigh In On Ategrity Specialty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nuveen LLC increased its position in 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 purchasing an additional 61,725 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Ategrity Specialty by 57.7% during the 4th 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. Millennium Management LLC grew its holdings 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. grew its holdings 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. Finally, State of Wisconsin Investment Board increased its position in shares of Ategrity Specialty by 26.1% during the fourth quarter. State of Wisconsin Investment Board now owns 157,601 shares of the company’s stock worth $3,311,000 after buying an additional 32,601 shares during the period.

Ategrity Specialty Price Performance

The firm has a 50-day simple moving average of $20.53. The stock has a market cap of $913.80 million and a P/E ratio of 13.72.

Ategrity Specialty (NYSE:ASIC) last issued its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.11. Ategrity Specialty had a net margin of 17.44% and a return on equity of 13.60%. The business had revenue of $128.96 million for the quarter. Analysts predict that Ategrity Specialty will post 1.81 earnings per share for the current fiscal year.

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.