Insider Buying: American Coastal Insurance (NASDAQ:ACIC) Director Acquires 1,400 Shares of Stock

American Coastal Insurance Corporation (NASDAQ:ACIC) Director Kern Michael Davis purchased 1,400 shares of American Coastal Insurance stock in a transaction dated Wednesday, March 4th. The stock was bought at an average cost of $11.71 per share, with a total value of $16,394.00. Following the completion of the purchase, the director owned 4,126 shares in the company, valued at approximately $48,315.46. This trade represents a 51.36% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

American Coastal Insurance Price Performance

Shares of NASDAQ ACIC traded down $0.21 during mid-day trading on Wednesday, reaching $11.21. 31,648 shares of the company traded hands, compared to its average volume of 253,902. American Coastal Insurance Corporation has a fifty-two week low of $9.97 and a fifty-two week high of $13.06. The firm has a market cap of $545.48 million, a PE ratio of 5.24, a price-to-earnings-growth ratio of 2.56 and a beta of -0.61. The stock has a fifty day simple moving average of $11.22 and a 200-day simple moving average of $11.63.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On American Coastal Insurance

Institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. increased its stake in American Coastal Insurance by 12.2% in the 2nd quarter. American Century Companies Inc. now owns 548,953 shares of the company’s stock worth $6,104,000 after purchasing an additional 59,907 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in American Coastal Insurance during the second quarter valued at about $741,000. Magnetar Financial LLC purchased a new stake in American Coastal Insurance during the second quarter valued at about $333,000. Kennondale Capital Management LLC acquired a new position in shares of American Coastal Insurance in the third quarter worth about $973,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of American Coastal Insurance by 17.9% in the third quarter. Farther Finance Advisors LLC now owns 60,977 shares of the company’s stock worth $695,000 after buying an additional 9,241 shares during the period. 22.11% of the stock is owned by institutional investors and hedge funds.

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.