American Coastal Insurance (NASDAQ:ACIC) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of American Coastal Insurance (NASDAQ:ACIC) from a hold rating to a strong sell rating in a report released on Thursday,Zacks.com reports.

Several other analysts also recently weighed in on ACIC. Wall Street Zen downgraded shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, American Coastal Insurance has a consensus rating of “Hold”.

American Coastal Insurance Price Performance

Shares of ACIC opened at $10.80 on Thursday. American Coastal Insurance has a 1 year low of $9.80 and a 1 year high of $13.06. The stock has a 50 day simple moving average of $11.31 and a two-hundred day simple moving average of $11.56. The firm has a market cap of $523.37 million, a P/E ratio of 5.14, a P/E/G ratio of 3.20 and a beta of -0.46.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.05). American Coastal Insurance had a return on equity of 32.26% and a net margin of 31.32%.The business had revenue of $71.22 million for the quarter, compared to analysts’ expectations of $75.78 million. On average, equities analysts anticipate that American Coastal Insurance will post 1.13 earnings per share for the current year.

Institutional Investors Weigh In On American Coastal Insurance

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its position in shares of American Coastal Insurance by 164.8% in the 1st quarter. Bank of America Corp DE now owns 71,922 shares of the company’s stock worth $809,000 after buying an additional 44,757 shares during the last quarter. Royal Bank of Canada lifted its stake in American Coastal Insurance by 290.7% in the first quarter. Royal Bank of Canada now owns 2,270 shares of the company’s stock worth $25,000 after acquiring an additional 1,689 shares during the period. Empowered Funds LLC lifted its stake in American Coastal Insurance by 14.4% in the first quarter. Empowered Funds LLC now owns 308,656 shares of the company’s stock worth $3,472,000 after acquiring an additional 38,757 shares during the period. Empyrean Capital Partners LP boosted its holdings in American Coastal Insurance by 19.8% in the first quarter. Empyrean Capital Partners LP now owns 1,126,987 shares of the company’s stock valued at $12,679,000 after acquiring an additional 186,487 shares in the last quarter. Finally, Quantinno Capital Management LP purchased a new position in American Coastal Insurance during the 1st quarter valued at $269,000. Hedge funds and other institutional investors own 22.11% of the company’s stock.

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.