American Coastal Insurance (NASDAQ:ACIC) CEO Brad Martz Buys 10,000 Shares of Company Stock

American Coastal Insurance Corporation (NASDAQ:ACIC) CEO Brad Martz purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were bought at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the chief executive officer directly owned 444,611 shares in the company, valued at $4,068,190.65. The trade was a 2.30% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

American Coastal Insurance Price Performance

NASDAQ:ACIC traded down $0.04 on Thursday, hitting $9.07. The company had a trading volume of 482,081 shares, compared to its average volume of 259,603. The stock has a market capitalization of $428.74 million, a price-to-earnings ratio of 4.51 and a beta of -0.46. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $9.79 and a two-hundred day moving average of $10.63. American Coastal Insurance Corporation has a 52 week low of $9.03 and a 52 week high of $13.06.

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

Institutional Trading of American Coastal Insurance

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in American Coastal Insurance by 290.7% during the 1st quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock worth $25,000 after purchasing an additional 1,689 shares during the last quarter. Legal & General Group Plc acquired a new position in American Coastal Insurance during the 2nd quarter worth about $25,000. Ancora Advisors LLC bought a new stake in shares of American Coastal Insurance in the 2nd quarter valued at about $27,000. Marble Wealth LLC acquired a new stake in shares of American Coastal Insurance in the fourth quarter valued at about $132,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of American Coastal Insurance in the second quarter valued at about $173,000. 22.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

American Coastal Insurance Company Profile

American Coastal Insurance Corporation (NASDAQ: ACIC) is a specialty property and casualty insurance holding company focused primarily on the commercial residential market. Through its insurance operations, the company provides coverage designed for properties such as condominium associations, apartment communities and other residential developments.

The company’s offerings generally center on commercial property insurance, including protection against damage from severe weather and other covered risks.