American Coastal Insurance (NASDAQ:ACIC) Issues Earnings Results

American Coastal Insurance (NASDAQ:ACIC) announced its quarterly earnings results on Thursday. The company reported $0.42 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $70.70 million for the quarter. American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%.

American Coastal Insurance Stock Up 0.6%

Shares of ACIC stock traded up $0.06 during trading hours on Thursday, reaching $10.93. The company had a trading volume of 313,920 shares, compared to its average volume of 262,514. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. American Coastal Insurance has a twelve month low of $9.01 and a twelve month high of $13.06. The stock’s fifty day simple moving average is $9.76 and its 200 day simple moving average is $10.68. The company has a market capitalization of $516.66 million, a P/E ratio of 5.44 and a beta of -0.51.

Insider Buying and Selling

In related news, insider Brooke Adler sold 21,196 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $9.06, for a total value of $192,035.76. Following the completion of the sale, the insider directly owned 100,175 shares of the company’s stock, valued at $907,585.50. The trade was a 17.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Bennett Bradford Martz purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were bought at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the transaction, the chief executive officer directly owned 444,611 shares in the company, 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. 49.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in shares of American Coastal Insurance by 290.7% in the 1st quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock valued at $25,000 after purchasing an additional 1,689 shares during the period. Legal & General Group Plc acquired a new stake in shares of American Coastal Insurance in the second quarter valued at about $25,000. Ancora Advisors LLC acquired a new position in shares of American Coastal Insurance in the second quarter worth approximately $27,000. Versant Capital Management Inc increased its position in American Coastal Insurance by 1,646.9% during the 3rd quarter. Versant Capital Management Inc now owns 7,302 shares of the company’s stock valued at $66,000 after purchasing an additional 6,884 shares during the period. Finally, Daytona Street Capital LLC increased its position in American Coastal Insurance by 15.0% during the 3rd quarter. Daytona Street Capital LLC now owns 11,500 shares of the company’s stock valued at $106,000 after purchasing an additional 1,500 shares during the period. Institutional investors and hedge funds own 22.11% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ACIC. Zacks Research upgraded shares of American Coastal Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 14th. Weiss Ratings downgraded American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $13.00 price target on shares of American Coastal Insurance in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, American Coastal Insurance presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

About American Coastal Insurance

American Coastal Insurance Corporation is a property and casualty insurance holding company based in Florida. Through its insurance subsidiaries, the company provides coverage for catastrophe-exposed residential properties, with a particular emphasis on commercial residential insurance such as condominium and homeowners’ association properties.

The company’s principal operating subsidiary is American Coastal Insurance Company, which focuses on property insurance in Florida and other coastal markets where specialized underwriting and catastrophe-risk management are important.