Ategrity Specialty (NYSE:ASIC) Stock Price Up 6.5% After Analyst Upgrade

Ategrity Specialty (NYSE:ASIC)’s share price was up 6.5% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $25.00 to $27.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Ategrity Specialty traded as high as $23.25 and last traded at $23.03. Approximately 163,579 shares changed hands during trading, an increase of 43% from the average daily volume of 114,610 shares. The stock had previously closed at $21.63.

Several other equities research analysts also recently issued reports on the stock. Barclays raised their target price on shares of Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday. Citigroup restated a “buy” rating on shares of Ategrity Specialty in a research note on Monday. Weiss Ratings started coverage on Ategrity Specialty in a research note on Wednesday, January 14th. They set a “sell (d)” rating for the company. Finally, Wells Fargo & Company increased their price target on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.67.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue acquired a new position in shares of Ategrity Specialty in the fourth quarter valued at approximately $76,000. Strs Ohio boosted its holdings in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Geode Capital Management LLC boosted its holdings in Ategrity Specialty by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock valued at $3,221,000 after purchasing an additional 4,866 shares during the period. Norges Bank acquired a new position in shares of Ategrity Specialty during the 4th quarter worth approximately $840,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Ategrity Specialty by 57.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock worth $1,183,000 after purchasing an additional 20,426 shares during the period.

Ategrity Specialty Trading Down 2.9%

The stock has a market cap of $1.07 billion and a price-to-earnings ratio of 16.16.

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

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.