Punch & Associates Investment Management Inc. Makes New Investment in American Coastal Insurance Corporation $ACIC

Punch & Associates Investment Management Inc. acquired a new stake in American Coastal Insurance Corporation (NASDAQ:ACIC) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 808,705 shares of the company’s stock, valued at approximately $8,977,000.

Other institutional investors have also modified their holdings of the company. Royal Bank of Canada increased its holdings in 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 buying an additional 1,689 shares during the last quarter. Legal & General Group Plc acquired a new position in shares of American Coastal Insurance during the 2nd quarter worth about $25,000. Ancora Advisors LLC purchased a new position in shares of American Coastal Insurance in the 2nd quarter valued at about $27,000. Russell Investments Group Ltd. raised its position 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. Finally, Tower Research Capital LLC TRC raised its position in shares of American Coastal Insurance by 273.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock worth $52,000 after acquiring an additional 3,434 shares in the last quarter. 22.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ACIC shares. Weiss Ratings downgraded American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Wall Street Zen downgraded shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Raymond James Financial restated an “outperform” rating and issued a $13.00 target price on shares of American Coastal Insurance in a report on Tuesday, August 11th. Finally, Zacks Research raised shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.00.

American Coastal Insurance Stock Up 1.2%

American Coastal Insurance stock opened at $9.51 on Thursday. The company has a market capitalization of $449.54 million, a P/E ratio of 4.73 and a beta of -0.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. American Coastal Insurance Corporation has a fifty-two week low of $9.10 and a fifty-two week high of $13.06. The stock has a 50-day simple moving average of $10.48 and a 200-day simple moving average of $10.90.

American Coastal Insurance (NASDAQ:ACIC) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.09). The firm had revenue of $82.60 million for the quarter. American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%. Equities research analysts expect that American Coastal Insurance Corporation will post 0.98 earnings per share for the current year.

About American Coastal Insurance

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.