Wall Street Zen Upgrades American Coastal Insurance (NASDAQ:ACIC) to “Buy”

American Coastal Insurance (NASDAQ:ACIC) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday.

ACIC has been the subject of a number of other reports. Oppenheimer started coverage on shares of American Coastal Insurance in a research report on Monday, January 12th. They set a “market perform” rating for the company. Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

American Coastal Insurance Stock Up 2.7%

American Coastal Insurance stock opened at $11.36 on Friday. The firm has a fifty day moving average of $11.20 and a 200-day moving average of $11.63. American Coastal Insurance has a 52-week low of $9.97 and a 52-week high of $13.06. The firm has a market capitalization of $552.73 million, a P/E ratio of 5.31, a PEG ratio of 2.49 and a beta of -0.61.

Institutional Investors Weigh In On American Coastal Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of ACIC. American Century Companies Inc. boosted its stake in shares of American Coastal Insurance by 12.2% during 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 during the last quarter. Squarepoint Ops LLC bought a new stake in shares of American Coastal Insurance in the second quarter worth $741,000. Magnetar Financial LLC acquired a new stake in American Coastal Insurance in the second quarter valued at $333,000. Kennondale Capital Management LLC acquired a new stake in American Coastal Insurance in the third quarter valued at $973,000. Finally, Geode Capital Management LLC boosted its stake in American Coastal Insurance by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock valued at $6,741,000 after acquiring an additional 2,269 shares during the last quarter. 22.11% of the stock is currently owned by hedge funds and other institutional investors.

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.