Ategrity Specialty (NYSE:ASIC) Rating Lowered to Neutral at Citigroup

Ategrity Specialty (NYSE:ASIC) was downgraded by stock analysts at Citigroup from a “buy” rating to a “neutral” rating in a report released on Thursday, MarketBeat Ratings reports. They currently have a $27.00 price objective on the stock. Citigroup’s price objective points to a potential upside of 21.73% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Weiss Ratings initiated coverage on shares of Ategrity Specialty in a report on Wednesday, January 14th. They set a “sell (d)” rating for the company. Wells Fargo & Company raised their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. boosted their price objective on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Barclays increased their target price on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.75.

Ategrity Specialty Price Performance

Shares of 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 price-to-earnings ratio of 16.07.

Ategrity Specialty (NYSE:ASIC) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.51 earnings per share 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 analyst estimates of $111.45 million. Ategrity Specialty had a return on equity of 14.17% and a net margin of 17.44%.

Hedge Funds Weigh In On Ategrity Specialty

Several large investors have recently added to or reduced their stakes in the company. Nuveen LLC increased its holdings in shares of Ategrity Specialty by 9.6% in the fourth quarter. Nuveen LLC now owns 704,961 shares of the company’s stock worth $14,811,000 after purchasing an additional 61,725 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 during the period. 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 in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Ategrity Specialty by 298.1% during the fourth 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 in the last quarter. Finally, State of Wisconsin Investment Board increased its holdings in shares of Ategrity Specialty by 26.1% in the 4th quarter. State of Wisconsin Investment Board now owns 157,601 shares of the company’s stock valued at $3,311,000 after acquiring an additional 32,601 shares during the period.

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.