Ategrity Specialty (NYSE:ASIC) Given New $30.00 Price Target at Wells Fargo & Company

Ategrity Specialty (NYSE:ASIC) had its target price hoisted by Wells Fargo & Company from $26.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

ASIC has been the topic of a number of other reports. Zacks Research lowered shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Wall Street Zen raised Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Barclays raised their price target on Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Weiss Ratings raised Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Ategrity Specialty Trading Down 1.1%

Shares of NYSE ASIC opened at $23.98 on Thursday. The business’s 50-day moving average is $21.18. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $25.84. The stock has a market cap of $1.15 billion and a P/E ratio of 12.90.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.11. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%.The business had revenue of $128.96 million during the quarter. Analysts anticipate that Ategrity Specialty will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASIC. Bank of America Corp DE raised its position in Ategrity Specialty by 14.7% in the 1st quarter. Bank of America Corp DE now owns 101,630 shares of the company’s stock valued at $2,009,000 after purchasing an additional 12,988 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Ategrity Specialty by 68.4% during the first quarter. Renaissance Technologies LLC now owns 41,600 shares of the company’s stock worth $822,000 after buying an additional 16,900 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Ategrity Specialty during the first quarter worth about $2,605,000. State of Wyoming increased its position in Ategrity Specialty by 753.8% in the 1st quarter. State of Wyoming now owns 21,081 shares of the company’s stock valued at $417,000 after acquiring an additional 18,612 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Ategrity Specialty by 12.9% in the 1st quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock valued at $312,000 after acquiring an additional 1,809 shares during the period.

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.