Ballast Asset Management LP Makes New Investment in American Coastal Insurance Corporation $ACIC

Ballast Asset Management LP purchased a new stake in American Coastal Insurance Corporation (NASDAQ:ACIC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 185,300 shares of the company’s stock, valued at approximately $1,675,000.

Other institutional investors also recently bought and sold shares of the company. Daytona Street Capital LLC increased its holdings in shares of American Coastal Insurance by 15.0% in the 3rd quarter. Daytona Street Capital LLC now owns 11,500 shares of the company’s stock valued at $106,000 after acquiring an additional 1,500 shares during the last quarter. Royal Bank of Canada lifted its stake in American Coastal Insurance by 290.7% during the first quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock worth $25,000 after purchasing an additional 1,689 shares during the last quarter. Legal & General Group Plc purchased a new stake in American Coastal Insurance during the second quarter worth approximately $25,000. Ancora Advisors LLC acquired a new position in American Coastal Insurance in the second quarter valued at approximately $27,000. Finally, Parallel Advisors LLC boosted its holdings in American Coastal Insurance by 3,629.8% in the third quarter. Parallel Advisors LLC now owns 4,625 shares of the company’s stock valued at $42,000 after purchasing an additional 4,501 shares in the last quarter. 22.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other American Coastal Insurance news, CEO Bennett Bradford Martz bought 10,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were bought at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the transaction, the chief executive officer 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 SEC, which is accessible through this link. Also, insider Brooke Adler sold 21,196 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $9.06, for a total value of $192,035.76. Following the transaction, the insider directly owned 100,175 shares of the company’s stock, valued at approximately $907,585.50. This trade represents a 17.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 49.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Zacks Research raised shares of American Coastal Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 14th. 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, Weiss Ratings downgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.00.

American Coastal Insurance Stock Down 0.3%

ACIC stock opened at $10.01 on Tuesday. The stock has a market capitalization of $473.17 million, a PE ratio of 6.45 and a beta of -0.55. The company has a fifty day moving average of $9.94 and a 200-day moving average of $10.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.91. American Coastal Insurance Corporation has a one year low of $9.01 and a one year high of $13.06.

American Coastal Insurance (NASDAQ:ACIC) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. As a group, analysts expect that American Coastal Insurance Corporation will post 1.26 EPS for the current year.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation is a property and casualty insurance holding company based in Florida. Through its insurance subsidiaries, the company provides coverage for catastrophe-exposed residential properties, with a particular emphasis on commercial residential insurance such as condominium and homeowners’ association properties.

The company’s principal operating subsidiary is American Coastal Insurance Company, which focuses on property insurance in Florida and other coastal markets where specialized underwriting and catastrophe-risk management are important.