American Coastal Insurance (NASDAQ:ACIC) Shares Climb 4.8% – Here’s Why

American Coastal Insurance Corporation (NASDAQ:ACIC) shares were up 4.8% on Tuesday. The company traded as high as $10.64 and last traded at $10.6160. Approximately 226,338 shares were traded during trading, a decline of 13% from the average session volume of 259,385 shares. The stock had previously closed at $10.13.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Zacks Research upgraded shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Raymond James Financial reissued an “outperform” rating and issued a $13.00 price objective on shares of American Coastal Insurance in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.00.

American Coastal Insurance Stock Up 5.2%

The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $503.90 million, a P/E ratio of 5.30 and a beta of -0.51. The stock has a 50-day moving average price of $9.52 and a 200-day moving average price of $10.46.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.09). American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%. The company had revenue of $82.60 million during the quarter. On average, research analysts predict that American Coastal Insurance Corporation will post 0.96 EPS for the current fiscal year.

Insider Activity at American Coastal Insurance

In other news, CEO Bennett Bradford Martz purchased 10,000 shares of the stock in a transaction on Tuesday, September 22nd. The stock was purchased at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the acquisition, the chief executive officer owned 444,611 shares in the company, valued at $4,068,190.65. This trade represents a 2.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brooke Adler sold 21,196 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $9.06, for a total transaction of $192,035.76. Following the completion of the transaction, the insider owned 100,175 shares in the company, valued at $907,585.50. This trade represents a 17.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 49.20% of the stock is currently owned by company insiders.

Institutional Trading of American Coastal Insurance

A number of institutional investors have recently bought and sold shares of ACIC. Royal Bank of Canada boosted 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 acquiring an additional 1,689 shares in the last quarter. Legal & General Group Plc bought a new position in shares of American Coastal Insurance during the 2nd quarter worth about $25,000. Ancora Advisors LLC bought a new position in shares of American Coastal Insurance during the 2nd quarter worth about $27,000. Versant Capital Management Inc grew its stake in shares of American Coastal Insurance by 1,646.9% in the 3rd quarter. Versant Capital Management Inc now owns 7,302 shares of the company’s stock valued at $66,000 after buying an additional 6,884 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of American Coastal Insurance in the 2nd quarter valued at about $173,000. Institutional investors own 22.11% of the company’s stock.

About American Coastal Insurance

American Coastal Insurance Corporation (NASDAQ: ACIC) is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiaries, the company provides policies for condominium associations, homeowners associations, apartment buildings and other residential properties with shared or commercial ownership structures.

The company specializes in insurance for properties exposed to severe weather and catastrophe risks, including hurricanes and other coastal events.