American Coastal Insurance Corporation (NASDAQ:ACIC) Sees Large Decline in Short Interest

American Coastal Insurance Corporation (NASDAQ:ACIC) was the recipient of a significant decline in short interest in February. As of February 13th, there was short interest totaling 474,148 shares, a decline of 21.7% from the January 29th total of 605,329 shares. Approximately 1.9% of the company’s stock are short sold. Based on an average daily volume of 257,910 shares, the short-interest ratio is presently 1.8 days. Based on an average daily volume of 257,910 shares, the short-interest ratio is presently 1.8 days. Approximately 1.9% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Several brokerages have commented on ACIC. Wall Street Zen raised shares of American Coastal Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Finally, Oppenheimer began coverage on American Coastal Insurance in a report on Monday, January 12th. They set a “market perform” rating on the stock. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

American Coastal Insurance Price Performance

NASDAQ:ACIC opened at $11.60 on Wednesday. American Coastal Insurance has a 12 month low of $9.97 and a 12 month high of $13.06. The firm has a market capitalization of $565.62 million, a PE ratio of 5.42, a price-to-earnings-growth ratio of 2.60 and a beta of -0.61. The business’s fifty day moving average price is $11.37 and its 200 day moving average price is $11.58.

Institutional Investors Weigh In On American Coastal Insurance

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Punch & Associates Investment Management Inc. boosted its holdings in American Coastal Insurance by 7.3% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 776,400 shares of the company’s stock valued at $9,806,000 after purchasing an additional 52,500 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of American Coastal Insurance by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 627,330 shares of the company’s stock worth $7,923,000 after buying an additional 75,408 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of American Coastal Insurance by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock worth $6,741,000 after buying an additional 2,269 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of American Coastal Insurance by 12.2% in the 2nd quarter. American Century Companies Inc. now owns 548,953 shares of the company’s stock valued at $6,104,000 after buying an additional 59,907 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of American Coastal Insurance by 28.1% in the 4th quarter. Renaissance Technologies LLC now owns 454,957 shares of the company’s stock valued at $5,746,000 after buying an additional 99,900 shares during the last quarter. Institutional investors and hedge funds own 22.11% of the company’s stock.

American Coastal Insurance Company Profile

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.