American Coastal Insurance (NASDAQ:ACIC) Shares Gap Down – Time to Sell?

American Coastal Insurance Corporation (NASDAQ:ACIC) shares gapped down prior to trading on Friday . The stock had previously closed at $12.63, but opened at $11.88. American Coastal Insurance shares last traded at $11.75, with a volume of 4,971 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ACIC shares. Wall Street Zen raised American Coastal Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of American Coastal Insurance in a report on Monday. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, American Coastal Insurance currently has a consensus rating of “Buy”.

American Coastal Insurance Stock Down 9.5%

The stock has a 50 day moving average of $12.17 and a 200 day moving average of $11.42. The company has a market capitalization of $557.33 million, a price-to-earnings ratio of 6.68 and a beta of -0.55.

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

American Coastal Insurance Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Friday, January 9th. Stockholders of record on Friday, January 2nd will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, January 2nd.

Institutional Investors Weigh In On American Coastal Insurance

Large investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its stake in American Coastal Insurance by 9.7% in 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 period. Geode Capital Management LLC increased its stake 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 valued at $6,741,000 after acquiring an additional 2,269 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of American Coastal Insurance by 4,508.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock valued at $30,000 after acquiring an additional 2,615 shares in the last quarter. Bank of America Corp DE boosted its stake 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 worth $193,000 after acquiring an additional 2,762 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings 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 worth $885,000 after purchasing an additional 3,343 shares during the period. Institutional investors and hedge funds 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.