American Coastal Insurance (NASDAQ:ACIC) Sets New 12-Month Low After Earnings Miss

American Coastal Insurance Corporation (NASDAQ:ACIC) shares reached a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $9.72 and last traded at $10.28, with a volume of 741677 shares traded. The stock had previously closed at $10.95.

The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.09). The company had revenue of $82.60 million for the quarter. American Coastal Insurance had a return on equity of 28.28% and a net margin of 30.31%.

Analysts Set New Price Targets

ACIC has been the topic of several recent analyst reports. Weiss Ratings cut shares of American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 23rd. Wall Street Zen lowered shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Zacks Research raised shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a research report on Monday. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Institutional Investors Weigh In On American Coastal Insurance

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new stake in shares of American Coastal Insurance in the 2nd quarter worth approximately $1,046,000. Wedge Capital Management L L P NC increased its stake in shares of American Coastal Insurance by 11.6% during the second quarter. Wedge Capital Management L L P NC now owns 93,505 shares of the company’s stock valued at $1,038,000 after buying an additional 9,729 shares during the period. Tactive Advisors LLC raised its holdings in shares of American Coastal Insurance by 147.6% during the second quarter. Tactive Advisors LLC now owns 55,015 shares of the company’s stock valued at $611,000 after acquiring an additional 32,795 shares in the last quarter. Militia Capital Management LLC bought a new position in shares of American Coastal Insurance during the first quarter valued at approximately $2,257,000. Finally, Bank of America Corp DE raised its holdings in shares of American Coastal Insurance by 164.8% during the first quarter. Bank of America Corp DE now owns 71,922 shares of the company’s stock valued at $809,000 after acquiring an additional 44,757 shares in the last quarter. Hedge funds and other institutional investors own 22.11% of the company’s stock.

American Coastal Insurance Price Performance

The business has a 50 day moving average of $10.68 and a 200 day moving average of $11.04. The company has a market cap of $498.17 million, a PE ratio of 5.95, a price-to-earnings-growth ratio of 3.80 and a beta of -0.47.

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.