Ategrity Specialty (NYSE:ASIC) Cut to “Neutral” at Citigroup

Ategrity Specialty (NYSE:ASIC) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Thursday,Finviz reports. They currently have a $27.00 price target on the stock. Citigroup’s target price would indicate a potential upside of 13.54% from the stock’s current price.

Several other research analysts have also commented on the company. Barclays lifted their price target on Ategrity Specialty from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Weiss Ratings started coverage on Ategrity Specialty in a research note on Wednesday, January 14th. They issued a “sell (d)” rating for the company. Wells Fargo & Company lifted their price target on Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $26.75.

Ategrity Specialty Stock Up 7.1%

Shares of NYSE:ASIC opened at $23.78 on Thursday. The firm has a market capitalization of $1.14 billion and a price-to-earnings ratio of 17.23. Ategrity Specialty has a one year low of $16.35 and a one year high of $25.30.

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

Hedge Funds Weigh In On Ategrity Specialty

Several institutional investors and hedge funds have recently bought and sold shares of the business. Jane Street Group LLC bought a new position in Ategrity Specialty in the 4th quarter worth approximately $798,000. Norges Bank acquired a new position in shares of Ategrity Specialty during the fourth quarter valued at about $840,000. Goldman Sachs Group Inc. lifted its stake in shares of Ategrity Specialty by 57.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock valued at $1,183,000 after buying an additional 20,426 shares during the period. Alyeska Investment Group L.P. grew its position in Ategrity Specialty by 19.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 71,903 shares of the company’s stock worth $1,511,000 after buying an additional 11,903 shares in the last quarter. Finally, Walleye Capital LLC increased its stake in Ategrity Specialty by 290.0% during the fourth quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock valued at $1,979,000 after acquiring an additional 70,056 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.