American Coastal Insurance (NASDAQ:ACIC) Stock Price Down 4.3% – Time to Sell?

American Coastal Insurance Corporation (NASDAQ:ACIC)’s share price fell 4.3% on Wednesday . The stock traded as low as $10.48 and last traded at $10.3650. 11,098 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 252,207 shares. The stock had previously closed at $10.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wall Street Zen lowered shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research lowered shares of American Coastal Insurance from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 21st. Finally, Weiss Ratings raised shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold”.

American Coastal Insurance Trading Up 2.4%

The company has a 50 day simple moving average of $10.75 and a 200 day simple moving average of $11.16. The stock has a market cap of $502.53 million, a P/E ratio of 4.94, a PEG ratio of 3.52 and a beta of -0.51.

American Coastal Insurance (NASDAQ:ACIC) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.05). American Coastal Insurance had a return on equity of 32.26% and a net margin of 31.32%.The business had revenue of $71.22 million for the quarter, compared to the consensus estimate of $75.78 million. As a group, sell-side analysts expect that American Coastal Insurance Corporation will post 0.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ACIC. Wedge Capital Management L L P NC lifted its position in American Coastal Insurance by 11.6% during the 2nd quarter. Wedge Capital Management L L P NC now owns 93,505 shares of the company’s stock worth $1,038,000 after buying an additional 9,729 shares in the last quarter. Tactive Advisors LLC boosted its stake in shares of American Coastal Insurance by 147.6% during the 2nd quarter. Tactive Advisors LLC now owns 55,015 shares of the company’s stock worth $611,000 after buying an additional 32,795 shares during the last quarter. Militia Capital Management LLC bought a new position in shares of American Coastal Insurance in the 1st quarter valued at about $2,257,000. Bank of America Corp DE grew its holdings in shares of American Coastal Insurance by 164.8% in the 1st quarter. Bank of America Corp DE now owns 71,922 shares of the company’s stock valued at $809,000 after acquiring an additional 44,757 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of American Coastal Insurance by 290.7% in the first quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock valued at $25,000 after acquiring an additional 1,689 shares during the last quarter. Institutional investors own 22.11% of the company’s stock.

American Coastal Insurance Company Profile

American Coastal Insurance Company (NASDAQ:ACIC) is a specialized property and casualty insurer focused on coastal residential and commercial lines across the Southeastern United States. Headquartered in St. Petersburg, Florida, the company underwrites policies designed to address windstorm and non-windstorm perils in areas exposed to hurricane risk. Since its founding in 2007, American Coastal has positioned itself to meet the insurance needs of homeowners, condominium associations, and small business owners operating near coastal zones.

Through a diversified portfolio of personal lines products, American Coastal offers homeowners insurance, dwelling fire, mobile home, condominium unitowners and renters policies.