American Coastal Insurance (NASDAQ:ACIC) Cut to Strong Sell at Zacks Research

American Coastal Insurance (NASDAQ:ACIC) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. 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. Weiss Ratings upgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

American Coastal Insurance Trading Down 0.5%

ACIC opened at $10.80 on Thursday. The stock has a market capitalization of $523.37 million, a PE ratio of 5.14, a PEG ratio of 3.20 and a beta of -0.46. American Coastal Insurance has a 1-year low of $9.80 and a 1-year high of $13.06. The firm has a 50-day moving average price of $11.31 and a two-hundred day moving average price of $11.56.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.05). The company had revenue of $71.22 million during the quarter, compared to analyst estimates of $75.78 million. American Coastal Insurance had a net margin of 31.32% and a return on equity of 32.26%. On average, research analysts predict that American Coastal Insurance will post 1.13 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Allegheny Financial Group boosted its stake in shares of American Coastal Insurance by 6.3% in the 4th quarter. Allegheny Financial Group now owns 19,166 shares of the company’s stock valued at $242,000 after purchasing an additional 1,137 shares during the last quarter. Osaic Holdings Inc. boosted its stake in shares of American Coastal Insurance by 7.2% in the 4th quarter. Osaic Holdings Inc. now owns 17,917 shares of the company’s stock valued at $226,000 after purchasing an additional 1,202 shares during the last quarter. Martingale Asset Management L P boosted its stake in shares of American Coastal Insurance by 3.1% in the 4th quarter. Martingale Asset Management L P now owns 48,921 shares of the company’s stock valued at $618,000 after purchasing an additional 1,490 shares during the last quarter. Royal Bank of Canada boosted 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 last quarter. Finally, Invesco Ltd. boosted its stake in shares of American Coastal Insurance by 9.7% in the 2nd quarter. Invesco Ltd. now owns 19,674 shares of the company’s stock valued at $219,000 after purchasing an additional 1,736 shares during the last quarter. Institutional investors own 22.11% of the company’s stock.

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.