185,300 Shares in American Coastal Insurance Corporation $ACIC Purchased by Ballast Asset Management LP

Ballast Asset Management LP purchased a new stake in shares of American Coastal Insurance Corporation (NASDAQ:ACIC) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 185,300 shares of the company’s stock, valued at approximately $1,675,000. Ballast Asset Management LP owned 0.39% of American Coastal Insurance as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of American Coastal Insurance in the 2nd quarter valued at $25,309,000. Tieton Capital Management LLC acquired a new stake in shares of American Coastal Insurance during the 2nd quarter worth about $13,929,000. Empyrean Capital Partners LP increased its position in shares of American Coastal Insurance by 19.8% during the 1st quarter. Empyrean Capital Partners LP now owns 1,126,987 shares of the company’s stock worth $12,679,000 after purchasing an additional 186,487 shares during the last quarter. Punch & Associates Investment Management Inc. increased its position in shares of American Coastal Insurance by 4.2% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 808,705 shares of the company’s stock worth $9,098,000 after purchasing an additional 32,305 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in American Coastal Insurance by 19.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 750,108 shares of the company’s stock valued at $8,439,000 after buying an additional 122,778 shares during the period. 22.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at American Coastal Insurance

In other American Coastal Insurance news, insider Brooke Adler sold 21,196 shares of the company’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $9.06, for a total transaction of $192,035.76. Following the sale, the insider owned 100,175 shares in the company, valued at $907,585.50. This represents a 17.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bennett Bradford Martz purchased 10,000 shares of American Coastal Insurance stock in a transaction on Tuesday, September 22nd. The stock was bought at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the transaction, the chief executive officer directly owned 444,611 shares in the company, valued at $4,068,190.65. This represents a 2.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 49.20% of the company’s stock.

Wall Street Analyst Weigh In

ACIC has been the subject of a number of recent analyst reports. Raymond James Financial reiterated an “outperform” rating and set a $13.00 price target on shares of American Coastal Insurance in a research report on Tuesday, August 11th. Weiss Ratings lowered shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of American Coastal Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.00.

American Coastal Insurance Price Performance

American Coastal Insurance stock opened at $10.01 on Tuesday. The firm has a market cap of $473.17 million, a PE ratio of 6.45 and a beta of -0.55. American Coastal Insurance Corporation has a 52-week low of $9.01 and a 52-week high of $13.06. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $9.94 and its two-hundred day moving average is $10.65.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.05). The company 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%. On average, research analysts expect that American Coastal Insurance Corporation will post 1.26 EPS for the current fiscal 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.