Ategrity Specialty (NYSE:ASIC) Stock Price Expected to Rise, Barclays Analyst Says

Ategrity Specialty (NYSE:ASIC) had its target price hoisted by investment analysts at Barclays from $26.00 to $28.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 11.96% from the stock’s current price.

Several other research firms have also recently weighed in on ASIC. Weiss Ratings upgraded Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 18th. Zacks Research cut Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Wall Street Zen upgraded Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, Wells Fargo & Company cut their target price on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Ategrity Specialty Trading Down 1.6%

Shares of Ategrity Specialty stock opened at $25.01 on Tuesday. The stock has a market capitalization of $1.20 billion and a price-to-earnings ratio of 13.45. The firm’s 50-day moving average price is $20.94. Ategrity Specialty has a twelve month low of $16.35 and a twelve month high of $25.85.

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. The firm had revenue of $128.96 million for the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. Sell-side analysts forecast that Ategrity Specialty will post 1.98 earnings per share for the current fiscal year.

Institutional Trading of Ategrity Specialty

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Nuveen LLC raised its holdings in Ategrity Specialty by 9.6% during the 4th quarter. Nuveen LLC now owns 704,961 shares of the company’s stock valued at $14,811,000 after buying an additional 61,725 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Ategrity Specialty by 57.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock worth $6,044,000 after buying an additional 105,254 shares during the period. Millennium Management LLC increased its position in Ategrity Specialty by 312.6% during the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock valued at $4,353,000 after acquiring an additional 156,952 shares during the last quarter. Balyasny Asset Management L.P. increased its position in 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 acquiring 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% in the fourth 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.