Punch & Associates Investment Management Inc. Invests $8.98 Million in American Coastal Insurance Corporation $ACIC

Punch & Associates Investment Management Inc. purchased a new stake in shares of American Coastal Insurance Corporation (NASDAQ:ACIC) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 808,705 shares of the company’s stock, valued at approximately $8,977,000. Punch & Associates Investment Management Inc. owned 1.71% of American Coastal Insurance as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in ACIC. Royal Bank of Canada increased its stake in American Coastal Insurance by 290.7% during the first quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock worth $25,000 after acquiring an additional 1,689 shares during the last quarter. Legal & General Group Plc purchased a new position in shares of American Coastal Insurance during the 2nd quarter worth $25,000. Ancora Advisors LLC purchased a new position in shares of American Coastal Insurance during the 2nd quarter worth $27,000. Russell Investments Group Ltd. increased its position in shares of American Coastal Insurance by 4,508.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock worth $30,000 after purchasing an additional 2,615 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in American Coastal Insurance by 273.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock valued at $52,000 after buying an additional 3,434 shares during the period. 22.11% of the stock is currently owned by institutional investors and hedge funds.

American Coastal Insurance Stock Performance

NASDAQ ACIC opened at $9.51 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $449.54 million, a P/E ratio of 4.73 and a beta of -0.47. The stock has a 50-day moving average of $10.48 and a two-hundred day moving average of $10.90. American Coastal Insurance Corporation has a 1-year low of $9.10 and a 1-year high of $13.06.

American Coastal Insurance (NASDAQ:ACIC) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.09). The business 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%. As a group, analysts anticipate that American Coastal Insurance Corporation will post 0.98 EPS for the current year.

Analyst Upgrades and Downgrades

ACIC has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. 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 downgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $13.00.

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.