American Coastal Insurance (NASDAQ:ACIC) Stock Jumps 4.8% – What’s Next?

American Coastal Insurance Corporation (NASDAQ:ACIC)’s share price shot up 4.8% during trading on Tuesday. The company traded as high as $10.64 and last traded at $10.6160. 226,338 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 259,385 shares. The stock had previously closed at $10.13.

Analyst Upgrades and Downgrades

ACIC has been the subject of several recent research reports. Zacks Research upgraded American Coastal Insurance from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Weiss Ratings downgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $13.00 price target on shares of American Coastal Insurance in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $13.00.

American Coastal Insurance Trading Up 5.2%

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 company has a market capitalization of $503.90 million, a P/E ratio of 5.30 and a beta of -0.51. The firm’s 50-day moving average price is $9.52 and its 200 day moving average price is $10.46.

American Coastal Insurance (NASDAQ:ACIC) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.09). American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%. The business had revenue of $82.60 million during the quarter. As a group, equities research analysts predict that American Coastal Insurance Corporation will post 0.96 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Bennett Bradford Martz acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The stock was purchased at an average cost of $9.15 per share, with a total value of $91,500.00. Following the acquisition, the chief executive officer owned 444,611 shares of the company’s stock, valued at approximately $4,068,190.65. This trade represents a 2.30% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brooke Adler sold 21,196 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $9.06, for a total value of $192,035.76. Following the completion of the sale, the insider directly owned 100,175 shares of the company’s stock, valued at approximately $907,585.50. This trade represents a 17.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 49.20% of the company’s stock.

Institutional Investors Weigh In On American Coastal Insurance

A number of institutional investors and hedge funds have recently bought and sold shares of ACIC. BlackRock Inc. bought a new position in American Coastal Insurance during the 2nd quarter valued at $25,309,000. Tieton Capital Management LLC purchased a new position in American Coastal Insurance during the 2nd quarter worth $13,929,000. Punch & Associates Investment Management Inc. purchased a new position in American Coastal Insurance during the 2nd quarter worth $8,977,000. Sei Investments Co. grew its stake in shares of American Coastal Insurance by 118.6% in the 1st quarter. Sei Investments Co. now owns 601,481 shares of the company’s stock worth $6,767,000 after acquiring an additional 326,340 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of American Coastal Insurance in the 2nd quarter worth $2,992,000. 22.11% of the stock is owned by hedge funds and other institutional investors.

About American Coastal Insurance

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.