American Coastal Insurance (NASDAQ:ACIC) Stock Rating Upgraded by Zacks Research

American Coastal Insurance (NASDAQ:ACIC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on the company. Wall Street Zen cut American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 23rd. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

American Coastal Insurance Trading Up 0.9%

ACIC opened at $11.03 on Monday. American Coastal Insurance has a 12 month low of $9.77 and a 12 month high of $13.06. The company has a market cap of $534.51 million, a PE ratio of 5.25, a price-to-earnings-growth ratio of 3.79 and a beta of -0.47. The company has a 50 day moving average of $10.68 and a 200 day moving average of $11.05.

American Coastal Insurance (NASDAQ:ACIC) last issued its earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The business had revenue of $71.22 million for the quarter, compared to the consensus estimate of $75.78 million. American Coastal Insurance had a net margin of 31.32% and a return on equity of 32.26%. Research analysts forecast that American Coastal Insurance will post 0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On American Coastal Insurance

Several institutional investors and hedge funds have recently bought and sold shares of ACIC. Royal Bank of Canada increased its stake 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. Russell Investments Group Ltd. boosted its stake in shares of American Coastal Insurance by 4,508.6% during the second quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock valued at $30,000 after purchasing an additional 2,615 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of American Coastal Insurance by 273.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock worth $52,000 after purchasing an additional 3,434 shares during the last quarter. State of Wyoming bought a new position in shares of American Coastal Insurance in the second quarter worth approximately $59,000. Finally, State of Alaska Department of Revenue increased its stake in shares of American Coastal Insurance by 148.5% in the fourth quarter. State of Alaska Department of Revenue now owns 5,168 shares of the company’s stock worth $65,000 after buying an additional 3,088 shares during the period. 22.11% of the stock is currently owned by institutional investors.

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.