American Coastal Insurance (NASDAQ:ACIC) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of American Coastal Insurance (NASDAQ:ACIC) from a hold rating to a strong-buy rating in a report published on Wednesday,Zacks reports.

A number of other analysts have also weighed in on the stock. Raymond James Financial reissued an “outperform” rating and issued a $13.00 price target on shares of American Coastal Insurance in a report on Tuesday, August 11th. Weiss Ratings downgraded American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, American Coastal Insurance has an average rating of “Moderate Buy” and an average target price of $13.00.

American Coastal Insurance Stock Up 4.0%

Shares of ACIC opened at $10.95 on Wednesday. The company has a market capitalization of $517.61 million, a P/E ratio of 5.45 and a beta of -0.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.88 and a quick ratio of 0.88. American Coastal Insurance has a one year low of $9.01 and a one year high of $13.06. The business’s 50 day simple moving average is $9.52 and its 200-day simple moving average is $10.44.

American Coastal Insurance (NASDAQ:ACIC) last released its quarterly 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). American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%. The business had revenue of $82.60 million for the quarter. As a group, sell-side analysts predict that American Coastal Insurance will post 1.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Brooke Adler sold 21,196 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $9.06, for a total transaction of $192,035.76. Following the completion of the transaction, the insider owned 100,175 shares in the company, valued at approximately $907,585.50. The trade was a 17.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Bennett Bradford Martz bought 10,000 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was purchased at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the chief executive officer owned 444,611 shares of the company’s stock, valued at approximately $4,068,190.65. This trade represents a 2.30% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 49.20% of the company’s stock.

Hedge Funds Weigh In On American Coastal Insurance

A number of hedge funds and other institutional investors have recently made changes to their positions in ACIC. BlackRock Inc. bought a new position in American Coastal Insurance during the second quarter worth about $25,309,000. Tieton Capital Management LLC bought a new stake in shares of American Coastal Insurance in the second quarter worth about $13,929,000. Empyrean Capital Partners LP raised its position in shares of American Coastal Insurance by 19.8% during the first quarter. Empyrean Capital Partners LP now owns 1,126,987 shares of the company’s stock worth $12,679,000 after purchasing an additional 186,487 shares during the period. Punch & Associates Investment Management Inc. raised its position in shares of American Coastal Insurance by 4.2% during the first quarter. Punch & Associates Investment Management Inc. now owns 808,705 shares of the company’s stock worth $9,098,000 after purchasing an additional 32,305 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of American Coastal Insurance by 19.6% during the first quarter. Dimensional Fund Advisors LP now owns 750,108 shares of the company’s stock worth $8,439,000 after purchasing an additional 122,778 shares during the period. 22.11% of the stock is owned by institutional investors.

About American Coastal Insurance

American Coastal Insurance Corporation (NASDAQ: ACIC) is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiaries, the company provides policies for condominium associations, homeowners associations, apartment buildings and other residential properties with shared or commercial ownership structures.

The company specializes in insurance for properties exposed to severe weather and catastrophe risks, including hurricanes and other coastal events.