Citigroup Upgrades Ategrity Specialty (NYSE:ASIC) to “Strong-Buy”

Ategrity Specialty (NYSE:ASIC) was upgraded by equities researchers at Citigroup to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms also recently issued reports on ASIC. JPMorgan Chase & Co. lifted their price target on Ategrity Specialty from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday. Barclays lifted their target price on Ategrity Specialty from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Weiss Ratings assumed coverage on Ategrity Specialty in a research report on Wednesday, January 14th. They set a “sell (d)” rating for the company. Finally, Wells Fargo & Company raised their price target on shares of Ategrity Specialty from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.75.

Ategrity Specialty Stock Performance

ASIC stock traded down $1.27 during mid-day trading on Monday, hitting $22.51. 29,541 shares of the company were exchanged, compared to its average volume of 121,172. The company has a market capitalization of $1.08 billion and a P/E ratio of 16.31. Ategrity Specialty has a 1-year low of $16.35 and a 1-year high of $25.30.

Ategrity Specialty (NYSE:ASIC) last issued its quarterly earnings data 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. 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.

Institutional Investors Weigh In On Ategrity Specialty

A number of institutional investors and hedge funds have recently modified their holdings of ASIC. New York State Common Retirement Fund acquired a new position in Ategrity Specialty during the fourth quarter worth approximately $27,000. Strs Ohio increased its holdings in shares of Ategrity Specialty by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after acquiring an additional 600 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in Ategrity Specialty in the 4th quarter valued at $41,000. State of Wyoming lifted its holdings in Ategrity Specialty by 1,663.6% during the 4th quarter. State of Wyoming now owns 2,469 shares of the company’s stock valued at $52,000 after purchasing an additional 2,329 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Ategrity Specialty during the 4th quarter valued at $76,000.

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.