American Coastal Insurance (NASDAQ:ACIC) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of American Coastal Insurance (NASDAQ:ACIC) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other research analysts have also commented on ACIC. Weiss Ratings lowered American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 23rd. Wall Street Zen downgraded American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold”.

American Coastal Insurance Stock Up 0.9%

Shares of NASDAQ:ACIC opened at $11.03 on Monday. The company has a market capitalization of $534.51 million, a price-to-earnings ratio of 5.25, a price-to-earnings-growth ratio of 3.79 and a beta of -0.47. American Coastal Insurance has a 52 week low of $9.77 and a 52 week high of $13.06. The firm has a 50 day moving average of $10.68 and a 200 day moving average of $11.05.

American Coastal Insurance (NASDAQ:ACIC) last posted its earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The company had revenue of $71.22 million for the quarter, compared to analysts’ expectations of $75.78 million. American Coastal Insurance had a return on equity of 32.26% and a net margin of 31.32%. On average, sell-side analysts expect that American Coastal Insurance will post 0.96 EPS for the current year.

Institutional Trading of American Coastal Insurance

A number of institutional investors have recently made changes to their positions in the business. Empyrean Capital Partners LP raised its stake in American Coastal Insurance by 19.8% in the first quarter. Empyrean Capital Partners LP now owns 1,126,987 shares of the company’s stock valued at $12,679,000 after buying an additional 186,487 shares during the last quarter. Range Financial Group LLC acquired a new position in shares of American Coastal Insurance during the first quarter valued at about $1,051,000. Militia Capital Management LLC purchased a new position in shares of American Coastal Insurance in the 1st quarter valued at approximately $2,257,000. Arrowstreet Capital Limited Partnership boosted its stake in American Coastal Insurance by 433.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 317,891 shares of the company’s stock worth $3,576,000 after purchasing an additional 258,344 shares in the last quarter. Finally, Sei Investments Co. grew its position in American Coastal Insurance by 118.6% during the 1st quarter. Sei Investments Co. now owns 601,481 shares of the company’s stock worth $6,767,000 after purchasing an additional 326,340 shares during the last quarter. Institutional investors and hedge funds 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.