Ategrity Specialty (NYSE:ASIC) Price Target Raised to $27.00

Ategrity Specialty (NYSE:ASIC) had its target price increased by Wells Fargo & Company from $25.00 to $27.00 in a report released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on ASIC. Barclays raised their price target on shares of Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday. Weiss Ratings initiated coverage on Ategrity Specialty in a research report on Wednesday, January 14th. They set a “sell (d)” rating on the stock. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $26.50.

Ategrity Specialty Stock Up 23.5%

NYSE ASIC opened at $21.61 on Friday. Ategrity Specialty has a 52 week low of $16.35 and a 52 week high of $25.30. The company has a market cap of $1.04 billion and a PE ratio of 24.84.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.16. Ategrity Specialty had a net margin of 17.44% and a return on equity of 14.17%. The business had revenue of $123.34 million during the quarter, compared to analyst estimates of $111.45 million.

Hedge Funds Weigh In On Ategrity Specialty

A number of hedge funds and other institutional investors have recently modified their holdings of ASIC. Nuveen LLC increased its position in shares of Ategrity Specialty by 9.6% during the fourth quarter. Nuveen LLC now owns 704,961 shares of the company’s stock valued at $14,811,000 after acquiring an additional 61,725 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position 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 during the last quarter. Millennium Management LLC grew its stake in 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 position in shares of Ategrity Specialty by 298.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock valued at $3,587,000 after purchasing an additional 127,849 shares during the last quarter. Finally, State of Wisconsin Investment Board raised its stake in shares of Ategrity Specialty by 26.1% during the 4th quarter. State of Wisconsin Investment Board now owns 157,601 shares of the company’s stock worth $3,311,000 after purchasing an additional 32,601 shares during the period.

Key Stories Impacting Ategrity Specialty

Here are the key news stories impacting Ategrity Specialty this week:

• Positive Sentiment: Q4 results beat — ASIC reported $0.51 EPS vs. $0.35 consensus and revenue of $123.3M vs. $111.5M expected, with solid net margin and ROE metrics; the formal release and highlights provided detail the record quarter. BusinessWire Q4 Release
• Positive Sentiment: $50M share repurchase — The company launched a $50 million buyback, which reduces float and supports EPS; this is a clear capital-allocation positive that tends to lift shares. TipRanks Announcement
• Positive Sentiment: Strong near-term outlook — Management signaled Q1 growth roughly 20% above market and reiterated momentum after the record quarter, which supports revenue/earnings upside expectations. MSN Coverage
• Positive Sentiment: Analyst upgrade and higher target — Wells Fargo raised its price target to $27 and put an “overweight” rating on ASIC, signaling ~25% upside from recent levels and likely drawing more buy-side interest. Benzinga Report
• Neutral Sentiment: Call transcript & deeper detail — The earnings call transcript offers management color on underwriting performance and reserve development; useful for investors doing deeper due diligence but not new market-moving data beyond the results and buyback. Seeking Alpha Transcript

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.