American Coastal Insurance (NASDAQ:ACIC) Stock Dropped to Hold by Zacks Research

Zacks Research cut shares of American Coastal Insurance (NASDAQ:ACIC) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks reports.

Several other equities analysts have also weighed in on ACIC. Raymond James Financial reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of American Coastal Insurance in a research note on Tuesday, August 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of American Coastal Insurance in a report on Tuesday. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $13.00.

American Coastal Insurance Stock Performance

American Coastal Insurance stock traded down $0.07 during midday trading on Thursday, reaching $10.27. The stock had a trading volume of 150,658 shares, compared to its average volume of 249,275. American Coastal Insurance has a twelve month low of $9.01 and a twelve month high of $13.06. The stock has a market capitalization of $485.67 million, a PE ratio of 5.84 and a beta of -0.55. The stock’s 50-day simple moving average is $10.01 and its 200 day simple moving average is $10.63.

American Coastal Insurance (NASDAQ:ACIC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.42 EPS for the quarter, missing the consensus estimate 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%. Equities analysts predict that American Coastal Insurance will post 1.26 earnings per share for the current fiscal year.

Insider Buying and Selling at American Coastal Insurance

In other news, insider Brooke Adler sold 21,196 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $9.06, for a total value of $192,035.76. Following the transaction, the insider owned 100,175 shares of the company’s stock, valued at approximately $907,585.50. This trade represents a 17.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Bennett Bradford Martz bought 10,000 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was acquired at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the purchase, the chief executive officer owned 444,611 shares in the company, valued at approximately $4,068,190.65. This trade represents a 2.30% increase in their position. The SEC filing for this purchase provides additional information. 49.20% of the stock is owned by corporate insiders.

Institutional Trading of American Coastal Insurance

Several large investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its position in American Coastal Insurance by 6.4% in the third quarter. Empowered Funds LLC now owns 286,767 shares of the company’s stock valued at $2,592,000 after purchasing an additional 17,234 shares during the period. First Trust Advisors LP lifted its stake in shares of American Coastal Insurance by 30.0% during the third quarter. First Trust Advisors LP now owns 105,301 shares of the company’s stock worth $952,000 after purchasing an additional 24,292 shares in the last quarter. Royce & Associates LP purchased a new stake in shares of American Coastal Insurance in the third quarter worth about $124,000. Russell Investments Group Ltd. boosted its position in shares of American Coastal Insurance by 15.6% in the third quarter. Russell Investments Group Ltd. now owns 11,578 shares of the company’s stock worth $105,000 after buying an additional 1,561 shares during the period. Finally, R Squared Ltd purchased a new stake in shares of American Coastal Insurance in the third quarter worth about $94,000. 22.11% of the stock is currently owned by institutional investors and hedge funds.

About American Coastal Insurance

American Coastal Insurance Corporation is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiary, American Coastal Insurance Company, it serves customers such as condominium and homeowners associations and owners of apartment buildings. The company’s business is centered primarily in Florida, where it provides property insurance for residential communities and buildings. Its products are designed for commercial residential property risks, including exposures common in coastal areas.