Range Financial Group LLC Takes $1.05 Million Position in American Coastal Insurance Corporation $ACIC

Range Financial Group LLC acquired a new stake in American Coastal Insurance Corporation (NASDAQ:ACIC) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 93,380 shares of the company’s stock, valued at approximately $1,051,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Punch & Associates Investment Management Inc. boosted its position in American Coastal Insurance by 7.3% during the fourth quarter. Punch & Associates Investment Management Inc. now owns 776,400 shares of the company’s stock worth $9,806,000 after purchasing an additional 52,500 shares during the period. Dimensional Fund Advisors LP raised its position in shares of American Coastal Insurance by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 627,330 shares of the company’s stock valued at $7,923,000 after purchasing an additional 75,408 shares during the period. Renaissance Technologies LLC raised its position in shares of American Coastal Insurance by 28.1% in the fourth quarter. Renaissance Technologies LLC now owns 454,957 shares of the company’s stock valued at $5,746,000 after purchasing an additional 99,900 shares during the period. Millennium Management LLC raised its position in shares of American Coastal Insurance by 5.0% in the third quarter. Millennium Management LLC now owns 277,718 shares of the company’s stock valued at $3,163,000 after purchasing an additional 13,297 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of American Coastal Insurance by 216.9% in the fourth quarter. Empowered Funds LLC now owns 269,899 shares of the company’s stock worth $3,206,000 after buying an additional 184,720 shares during the last quarter. 22.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ACIC shares. Wall Street Zen downgraded shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 29th. Finally, Zacks Research lowered shares of American Coastal Insurance from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 21st. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, American Coastal Insurance currently has a consensus rating of “Hold”.

American Coastal Insurance Trading Down 3.4%

Shares of ACIC stock opened at $11.18 on Friday. American Coastal Insurance Corporation has a 1 year low of $9.80 and a 1 year high of $13.06. The firm’s fifty day simple moving average is $10.81 and its 200 day simple moving average is $11.23. The firm has a market capitalization of $541.78 million, a P/E ratio of 5.32, a price-to-earnings-growth ratio of 4.04 and a beta of -0.51.

American Coastal Insurance (NASDAQ:ACIC) last released its earnings results on Tuesday, May 5th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.05). American Coastal Insurance had a net margin of 31.32% and a return on equity of 32.26%. The company had revenue of $71.22 million for the quarter, compared to analyst estimates of $75.78 million. Equities research analysts anticipate that American Coastal Insurance Corporation will post 0.95 EPS for the current fiscal year.

American Coastal Insurance 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.