Ategrity Specialty (NYSE:ASIC) Price Target Raised to $29.00

Ategrity Specialty (NYSE:ASIC) had its target price hoisted by JPMorgan Chase & Co. from $27.00 to $29.00 in a research report report published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts also recently commented on ASIC. Wells Fargo & Company increased their price objective on shares of Ategrity Specialty from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Zacks Research downgraded shares of Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Barclays increased their price target on shares of Ategrity Specialty from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Weiss Ratings raised shares of Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Finally, Wall Street Zen upgraded shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

Ategrity Specialty Price Performance

Ategrity Specialty stock opened at $22.74 on Monday. Ategrity Specialty has a twelve month low of $16.35 and a twelve month high of $25.84. The stock has a market cap of $1.09 billion and a P/E ratio of 12.23. The stock has a 50 day moving average of $21.91.

Ategrity Specialty (NYSE:ASIC) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.11. The firm had revenue of $128.96 million during the quarter. Ategrity Specialty had a return on equity of 15.29% and a net margin of 19.75%. Research analysts predict that Ategrity Specialty will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ategrity Specialty

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its stake in shares of Ategrity Specialty by 312.6% in the fourth quarter. Millennium Management LLC now owns 207,167 shares of the company’s stock worth $4,353,000 after acquiring an additional 156,952 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Ategrity Specialty during the first quarter valued at approximately $2,605,000. Balyasny Asset Management L.P. boosted its holdings in Ategrity Specialty by 298.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 170,734 shares of the company’s stock worth $3,587,000 after purchasing an additional 127,849 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Ategrity Specialty by 57.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 287,644 shares of the company’s stock worth $6,044,000 after purchasing an additional 105,254 shares during the last quarter. Finally, Walleye Capital LLC grew its position in Ategrity Specialty by 290.0% in the 4th quarter. Walleye Capital LLC now owns 94,214 shares of the company’s stock worth $1,979,000 after purchasing an additional 70,056 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.