American Coastal Insurance (NASDAQ:ACIC) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of American Coastal Insurance (NASDAQ:ACIC) from a hold rating to a buy rating in a research report released on Saturday.

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of American Coastal Insurance in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

American Coastal Insurance Stock Up 4.2%

Shares of ACIC stock opened at $11.70 on Friday. American Coastal Insurance has a twelve month low of $9.97 and a twelve month high of $15.08. The stock has a fifty day moving average price of $11.70. The stock has a market cap of $570.49 million, a PE ratio of 6.84 and a beta of -0.49.

American Coastal Insurance (NASDAQ:ACIC) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share for the quarter. American Coastal Insurance had a return on equity of 30.06% and a net margin of 25.95%.The firm had revenue of $0.09 million during the quarter.

Hedge Funds Weigh In On American Coastal Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in shares of American Coastal Insurance by 9.7% during the second quarter. Invesco Ltd. now owns 19,674 shares of the company’s stock valued at $219,000 after buying an additional 1,736 shares during the last quarter. Geode Capital Management LLC grew its position in shares of American Coastal Insurance by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock worth $6,741,000 after buying an additional 2,269 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of American Coastal Insurance by 4,508.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock worth $30,000 after acquiring an additional 2,615 shares in the last quarter. Bank of America Corp DE lifted its position in American Coastal Insurance by 19.4% during the third quarter. Bank of America Corp DE now owns 16,966 shares of the company’s stock valued at $193,000 after acquiring an additional 2,762 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in American Coastal Insurance by 4.4% in the second quarter. First Trust Advisors LP now owns 79,608 shares of the company’s stock valued at $885,000 after acquiring an additional 3,343 shares in the last quarter. Hedge funds and other institutional investors own 22.11% of the company’s stock.

About American Coastal Insurance

American Coastal Insurance Corporation operates as a property and casualty insurance holding company that sources, writes, and services residential personal and commercial property, and casualty insurance policies in the United States. The company offers structure, content, and liability coverage for standard single-family homeowners, renters, and condominium unit owners.