American Coastal Insurance (NASDAQ:ACIC) Stock Rating Lowered by Zacks Research

American Coastal Insurance (NASDAQ:ACIC) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Weiss Ratings upgraded American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 29th. Wall Street Zen downgraded American Coastal Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, American Coastal Insurance has an average rating of “Hold”.

American Coastal Insurance Stock Down 0.5%

Shares of NASDAQ ACIC opened at $10.80 on Thursday. The stock has a market capitalization of $523.37 million, a price-to-earnings ratio of 5.14, a PEG ratio of 3.20 and a beta of -0.46. The stock’s fifty day simple moving average is $11.31 and its 200 day simple moving average is $11.56. American Coastal Insurance has a 52-week low of $9.80 and a 52-week high of $13.06.

American Coastal Insurance (NASDAQ:ACIC) last issued its earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The company had revenue of $71.22 million during the quarter, compared to analyst estimates of $75.78 million. American Coastal Insurance had a return on equity of 32.26% and a net margin of 31.32%. As a group, analysts anticipate that American Coastal Insurance will post 1.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ACIC. Sei Investments Co. grew its holdings in shares of American Coastal Insurance by 118.6% during the first quarter. Sei Investments Co. now owns 601,481 shares of the company’s stock valued at $6,767,000 after buying an additional 326,340 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of American Coastal Insurance by 433.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 317,891 shares of the company’s stock valued at $3,576,000 after buying an additional 258,344 shares in the last quarter. Militia Capital Management LLC acquired a new stake in American Coastal Insurance during the first quarter valued at $2,257,000. Empyrean Capital Partners LP boosted its position in American Coastal Insurance by 19.8% during the first quarter. Empyrean Capital Partners LP now owns 1,126,987 shares of the company’s stock valued at $12,679,000 after purchasing an additional 186,487 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in American Coastal Insurance by 216.9% during the fourth quarter. Empowered Funds LLC now owns 269,899 shares of the company’s stock valued at $3,206,000 after purchasing an additional 184,720 shares during the last quarter. Hedge funds and other institutional investors own 22.11% of the company’s stock.

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.