Ategrity Specialty (NYSE:ASIC) Stock Price Down 15.2% on Analyst Downgrade

Ategrity Specialty (NYSE:ASIC)’s stock price was down 15.2% on Friday after Wells Fargo & Company lowered their price target on the stock from $31.00 to $29.00. Wells Fargo & Company currently has an overweight rating on the stock. Ategrity Specialty traded as low as $23.20 and last traded at $23.6440. Approximately 8,201 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 88,358 shares. The stock had previously closed at $27.87.

Other equities analysts have also issued research reports about the stock. Barclays cut their target price on shares of Ategrity Specialty from $28.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. raised their price target on Ategrity Specialty from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Wall Street Zen lowered Ategrity Specialty from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Weiss Ratings cut Ategrity Specialty from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Finally, Citigroup boosted their price objective on Ategrity Specialty from $28.50 to $29.00 and gave the company a “neutral” rating in a research note on Thursday. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ProCore Advisors LLC boosted its stake in Ategrity Specialty by 3.3% during the third quarter. ProCore Advisors LLC now owns 16,954 shares of the company’s stock valued at $433,000 after buying an additional 548 shares during the period. Bank of New York Mellon Corp grew its position in Ategrity Specialty by 12.9% during the first quarter. Bank of New York Mellon Corp now owns 15,780 shares of the company’s stock worth $312,000 after buying an additional 1,809 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Ategrity Specialty by 52.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,589 shares of the company’s stock worth $142,000 after acquiring an additional 1,926 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its stake in Ategrity Specialty by 8.5% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 54,482 shares of the company’s stock worth $1,077,000 after acquiring an additional 4,269 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Ategrity Specialty in the 2nd quarter worth about $218,000.

Ategrity Specialty Trading Down 14.8%

The firm has a fifty day simple moving average of $26.56 and a two-hundred day simple moving average of $23.53. The stock has a market cap of $1.14 billion, a PE ratio of 11.09 and a beta of -0.55.

Ategrity Specialty (NYSE:ASIC) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.21). The company had revenue of $125.59 million during the quarter. Ategrity Specialty had a return on equity of 15.51% and a net margin of 19.10%. Equities analysts forecast that Ategrity Specialty will post 2.22 earnings per share for the current year.

Ategrity Specialty Company Profile

Ategrity Specialty is a specialty property and casualty insurance company focused on the excess and surplus (E&S) insurance market. The company provides coverage for risks that may be difficult to place in the standard insurance market because of their size, complexity, unusual characteristics or limited loss history.

Its business is centered on underwriting specialty commercial insurance products, including coverage for property and liability exposures. Ategrity Specialty works with insurance brokers and other distribution partners to develop tailored solutions for businesses with specialized insurance needs.

The company primarily serves the U.S.