American Coastal Insurance (NASDAQ:ACIC) Shares Climb 4.8% – Time to Buy?

American Coastal Insurance Corporation (NASDAQ:ACIC) rose 4.8% during trading on Tuesday. The stock traded as high as $10.64 and last traded at $10.6160. Approximately 226,338 shares were traded during trading, a decline of 13% from the average daily volume of 259,385 shares. The stock had previously closed at $10.13.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Weiss Ratings cut shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Zacks Research raised shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $13.00 price target on shares of American Coastal Insurance in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $13.00.

American Coastal Insurance Stock Down 0.9%

The company has a market capitalization of $497.75 million, a price-to-earnings ratio of 5.24 and a beta of -0.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The firm’s fifty day moving average price is $9.51 and its 200-day moving average price is $10.44.

American Coastal Insurance (NASDAQ:ACIC) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.09). The firm had revenue of $82.60 million for the quarter. American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%. Sell-side analysts expect that American Coastal Insurance Corporation will post 1.33 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Brooke Adler sold 21,196 shares of American Coastal Insurance stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $9.06, for a total transaction of $192,035.76. Following the sale, the insider directly owned 100,175 shares of the company’s stock, valued at approximately $907,585.50. This trade represents a 17.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Bennett Bradford Martz purchased 10,000 shares of American Coastal Insurance stock in a transaction dated Tuesday, September 22nd. The shares were purchased at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the chief executive officer owned 444,611 shares of the company’s stock, valued at approximately $4,068,190.65. The trade was a 2.30% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 49.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in American Coastal Insurance during the 2nd quarter worth approximately $25,309,000. Empyrean Capital Partners LP grew its holdings in American Coastal Insurance by 19.8% during the 1st quarter. Empyrean Capital Partners LP now owns 1,126,987 shares of the company’s stock worth $12,679,000 after acquiring an additional 186,487 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in American Coastal Insurance by 19.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 750,108 shares of the company’s stock worth $8,439,000 after acquiring an additional 122,778 shares during the last quarter. Range Financial Group LLC acquired a new position in American Coastal Insurance in the 1st quarter valued at approximately $1,051,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in American Coastal Insurance in the 2nd quarter valued at approximately $1,361,000. Institutional investors own 22.11% of the company’s stock.

About American Coastal Insurance

American Coastal Insurance Corporation (NASDAQ: ACIC) is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiaries, the company provides policies for condominium associations, homeowners associations, apartment buildings and other residential properties with shared or commercial ownership structures.

The company specializes in insurance for properties exposed to severe weather and catastrophe risks, including hurricanes and other coastal events.