American Coastal Insurance (NASDAQ:ACIC) Raised to Strong-Buy at Zacks Research

American Coastal Insurance (NASDAQ:ACIC) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other research firms have also recently commented on ACIC. Raymond James Financial reiterated an “outperform” rating and set a $13.00 price objective on shares of American Coastal Insurance in a research report on Tuesday, August 11th. Weiss Ratings cut American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, American Coastal Insurance has a consensus rating of “Moderate Buy” and an average target price of $13.00.

American Coastal Insurance Trading Up 4.0%

Shares of ACIC stock opened at $10.95 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. American Coastal Insurance has a 12-month low of $9.01 and a 12-month high of $13.06. The stock has a market capitalization of $517.61 million, a P/E ratio of 5.72 and a beta of -0.51. The firm’s 50 day moving average is $9.52 and its 200 day moving average is $10.44.

American Coastal Insurance (NASDAQ:ACIC) last announced its 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 for the quarter. American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%. Research analysts expect that American Coastal Insurance will post 1.33 earnings per share for the current year.

Insider Buying and Selling

In other American Coastal Insurance news, CEO Bennett Bradford Martz purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were acquired at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the purchase, the chief executive officer directly owned 444,611 shares of the company’s stock, valued at $4,068,190.65. The trade was a 2.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brooke Adler sold 21,196 shares of the business’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $9.06, for a total transaction of $192,035.76. Following the sale, the insider directly owned 100,175 shares of the company’s stock, valued at approximately $907,585.50. The trade was a 17.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 49.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On American Coastal Insurance

A number of institutional investors have recently bought and sold shares of the stock. Daytona Street Capital LLC grew its holdings in American Coastal Insurance by 15.0% during the third quarter. Daytona Street Capital LLC now owns 11,500 shares of the company’s stock valued at $106,000 after purchasing an additional 1,500 shares during the period. Versant Capital Management Inc increased its position in American Coastal Insurance by 1,646.9% in the third quarter. Versant Capital Management Inc now owns 7,302 shares of the company’s stock worth $66,000 after buying an additional 6,884 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in American Coastal Insurance in the second quarter worth about $173,000. Beacon Pointe Advisors LLC bought a new position in shares of American Coastal Insurance in the second quarter worth about $754,000. Finally, Empowered Funds LLC bought a new position in shares of American Coastal Insurance in the second quarter worth about $2,992,000. 22.11% of the stock is owned by institutional investors.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation (NASDAQ: ACIC) is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiaries, the company provides policies for condominium associations, homeowners associations, apartment buildings and other residential properties with shared or commercial ownership structures.

The company specializes in insurance for properties exposed to severe weather and catastrophe risks, including hurricanes and other coastal events.