269,533 Shares in American Coastal Insurance Corporation $ACIC Purchased by Empowered Funds LLC

Empowered Funds LLC bought a new position in American Coastal Insurance Corporation (NASDAQ:ACIC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 269,533 shares of the company’s stock, valued at approximately $2,992,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ACIC. Royal Bank of Canada grew its position in American Coastal Insurance by 290.7% in the 1st quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock worth $25,000 after purchasing an additional 1,689 shares during the period. Legal & General Group Plc purchased a new stake in American Coastal Insurance during the second quarter valued at $25,000. Ancora Advisors LLC bought a new position in American Coastal Insurance in the second quarter valued at about $27,000. Russell Investments Group Ltd. boosted its position in American Coastal Insurance by 4,508.6% in the second quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock worth $30,000 after purchasing an additional 2,615 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of American Coastal Insurance by 273.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock valued at $52,000 after purchasing an additional 3,434 shares during the period. Institutional investors own 22.11% of the company’s stock.

American Coastal Insurance Stock Performance

NASDAQ ACIC opened at $9.40 on Thursday. 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 Corporation has a 1-year low of $9.10 and a 1-year high of $13.06. The business has a 50 day simple moving average of $10.35 and a two-hundred day simple moving average of $10.84. The stock has a market capitalization of $444.34 million, a PE ratio of 4.68 and a beta of -0.46.

American Coastal Insurance (NASDAQ:ACIC) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.09). American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%.The firm had revenue of $82.60 million for the quarter. On average, research analysts predict that American Coastal Insurance Corporation will post 0.98 EPS for the current fiscal year.

Analysts Set New Price Targets

ACIC has been the topic of a number of research reports. Raymond James Financial reissued an “outperform” rating and issued a $13.00 price objective on shares of American Coastal Insurance in a report on Tuesday, August 11th. Wall Street Zen lowered American Coastal Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings lowered shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. Finally, Zacks Research raised shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.00.

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.