American Coastal Insurance (NASDAQ:ACIC) Stock Rating Cut to “Hold” at Zacks Research

American Coastal Insurance (NASDAQ:ACIC) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

ACIC has been the subject of a number of other research reports. Weiss Ratings restated a “hold (c)” rating on shares of American Coastal Insurance in a research report on Tuesday. Raymond James Financial reiterated an “outperform” rating and issued a $13.00 price objective on shares of American Coastal Insurance in a research report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, American Coastal Insurance has an average rating of “Hold” and a consensus price target of $13.00.

American Coastal Insurance Stock Down 0.7%

Shares of ACIC traded down $0.07 on Thursday, reaching $10.27. The stock had a trading volume of 150,658 shares, compared to its average volume of 249,275. American Coastal Insurance has a twelve month low of $9.01 and a twelve month high of $13.06. The firm has a market capitalization of $485.67 million, a PE ratio of 5.84 and a beta of -0.55. The firm has a 50-day moving average of $10.01 and a 200 day moving average of $10.63.

American Coastal Insurance (NASDAQ:ACIC) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.05). The firm had revenue of $70.70 million for the quarter. American Coastal Insurance had a return on equity of 24.36% and a net margin of 28.02%. On average, sell-side analysts anticipate that American Coastal Insurance will post 1.26 earnings per share for the current fiscal year.

Insider Activity at American Coastal Insurance

In related news, CEO Bennett Bradford Martz acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was purchased at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the transaction, the chief executive officer directly owned 444,611 shares of the company’s stock, valued at approximately $4,068,190.65. This trade represents a 2.30% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Brooke Adler sold 21,196 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $9.06, for a total value of $192,035.76. Following the completion of the sale, the insider directly owned 100,175 shares in the company, valued at approximately $907,585.50. The trade was a 17.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 49.20% of the company’s stock.

Hedge Funds Weigh In On American Coastal Insurance

A number of institutional investors have recently made changes to their positions in ACIC. Royal Bank of Canada lifted 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 in the last quarter. Legal & General Group Plc acquired a new stake in shares of American Coastal Insurance during the second quarter valued at $25,000. Ancora Advisors LLC purchased a new stake in American Coastal Insurance during the 2nd quarter worth about $27,000. Parallel Advisors LLC increased its position in American Coastal Insurance by 3,629.8% during the 3rd quarter. Parallel Advisors LLC now owns 4,625 shares of the company’s stock worth $42,000 after purchasing an additional 4,501 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in American Coastal Insurance by 1,646.9% during the 3rd quarter. Versant Capital Management Inc now owns 7,302 shares of the company’s stock worth $66,000 after purchasing an additional 6,884 shares in the last quarter. 22.11% of the stock is owned by institutional investors and hedge funds.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiary, American Coastal Insurance Company, it serves customers such as condominium and homeowners associations and owners of apartment buildings. The company’s business is centered primarily in Florida, where it provides property insurance for residential communities and buildings. Its products are designed for commercial residential property risks, including exposures common in coastal areas.