American Coastal Insurance (NASDAQ:ACIC) CEO Brad Martz Acquires 10,000 Shares of Stock

American Coastal Insurance Corporation (NASDAQ:ACIC) CEO Brad Martz purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were purchased at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the chief executive officer directly owned 444,611 shares of the company’s stock, valued at $4,068,190.65. This represents a 2.30% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

American Coastal Insurance Price Performance

Shares of American Coastal Insurance stock opened at $9.07 on Friday. The firm has a market cap of $428.74 million, a PE ratio of 4.51 and a beta of -0.46. American Coastal Insurance Corporation has a twelve month low of $9.03 and a twelve month high of $13.06. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $9.76 and a 200 day moving average price of $10.61.

American Coastal Insurance (NASDAQ:ACIC) last issued 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). The company had revenue of $82.60 million during the quarter. American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%. Sell-side analysts predict that American Coastal Insurance Corporation will post 0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently 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 research note on Tuesday, August 11th. 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 upgraded American Coastal Insurance from a “strong sell” rating to a “hold” rating in a report 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.00.

Institutional Investors Weigh In On American Coastal Insurance

Several large investors have recently added to or reduced their stakes in ACIC. BlackRock Inc. acquired a new position in shares of American Coastal Insurance in the 2nd quarter valued at $25,309,000. Empyrean Capital Partners LP boosted its stake in American Coastal Insurance by 19.8% during the 1st 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. Dimensional Fund Advisors LP grew its position in American Coastal Insurance by 19.6% during the 1st 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 last quarter. Range Financial Group LLC purchased a new position in American Coastal Insurance during the 1st quarter worth $1,051,000. Finally, Militia Capital Management LLC purchased a new position in American Coastal Insurance during the 1st quarter worth $2,257,000. 22.11% of the stock is owned by hedge funds and other institutional investors.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation (NASDAQ: ACIC) is a specialty property and casualty insurance holding company focused primarily on the commercial residential market. Through its insurance operations, the company provides coverage designed for properties such as condominium associations, apartment communities and other residential developments.

The company’s offerings generally center on commercial property insurance, including protection against damage from severe weather and other covered risks.