Ategrity Specialty (NYSE:ASIC) Trading 6.5% Higher on Analyst Upgrade

Ategrity Specialty (NYSE:ASIC)’s share price was up 6.5% on Monday after Wells Fargo & Company raised their price target on the stock from $25.00 to $27.00. Wells Fargo & Company 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 traded hands during mid-day trading, an increase of 43% from the average daily volume of 114,610 shares. The stock had previously closed at $21.63.

A number of other brokerages also recently commented on ASIC. Barclays upped their target price on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday. Weiss Ratings began coverage on shares of Ategrity Specialty in a research note on Wednesday, January 14th. They issued a “sell (d)” rating on the stock. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $26.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. New York State Common Retirement Fund bought a new stake in Ategrity Specialty in the fourth quarter worth $27,000. Strs Ohio raised its position in Ategrity Specialty by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Ategrity Specialty during the fourth quarter worth $41,000. State of Wyoming increased its stake in Ategrity Specialty by 1,663.6% in the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock worth $52,000 after buying an additional 2,329 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in Ategrity Specialty during the 4th quarter valued at about $76,000.

Ategrity Specialty Trading Up 7.2%

The company has a market capitalization of $1.11 billion and a P/E ratio of 26.64.

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

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.