Ategrity Specialty (NYSE:ASIC) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Ategrity Specialty (NYSE:ASIC) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other analysts also recently weighed in on ASIC. Citigroup lifted their price objective on shares of Ategrity Specialty from $27.00 to $28.50 and gave the company a “neutral” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. upped their target price on shares of Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Wells Fargo & Company raised their price target on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Barclays raised their price target on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, Zacks Research cut Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a report on Friday, June 19th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Ategrity Specialty has a consensus rating of “Moderate Buy” and an average price target of $29.12.

Ategrity Specialty Stock Performance

ASIC stock opened at $26.16 on Friday. Ategrity Specialty has a 1 year low of $16.73 and a 1 year high of $29.00. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 12.23 and a beta of -0.55. The stock’s fifty day moving average is $26.27 and its two-hundred day moving average is $23.12.

Ategrity Specialty (NYSE:ASIC) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.62 by $0.05. Ategrity Specialty had a net margin of 21.06% and a return on equity of 17.12%. The business had revenue of $148.48 million during the quarter, compared to analyst estimates of $141.33 million. As a group, analysts predict that Ategrity Specialty will post 2.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP increased its stake in Ategrity Specialty by 380,266.7% during the 2nd quarter. Allworth Financial LP now owns 45,644 shares of the company’s stock valued at $1,097,000 after buying an additional 45,632 shares during the period. BlackRock Inc. bought a new stake in shares of Ategrity Specialty during the 2nd quarter worth about $14,779,000. Bank of America Corp DE acquired a new stake in shares of Ategrity Specialty in the 2nd quarter worth approximately $1,111,000. Cannell Capital LLC acquired a new stake in shares of Ategrity Specialty in the 2nd quarter worth approximately $11,791,187. Finally, Strs Ohio boosted its holdings in shares of Ategrity Specialty by 1,476.5% in the first quarter. Strs Ohio now owns 26,800 shares of the company’s stock valued at $530,000 after acquiring an additional 25,100 shares in the last quarter.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty insurance company that focuses on excess and surplus (E&S) risks that may be difficult to place in the standard insurance market. The company provides underwriting capacity for businesses and exposures requiring customized coverage, specialized expertise, or higher limits.

Its offerings include specialty commercial insurance solutions across areas such as property, casualty, professional liability, and other complex or hard-to-place risks. Ategrity distributes its products primarily through wholesale brokers and other insurance intermediaries, working with brokers to assess individual risks and structure tailored policies.

The company serves the U.S.