American Coastal Insurance (NASDAQ:ACIC) Posts Earnings Results, Beats Estimates By $0.16 EPS

Key Points

• American Coastal Insurance (NASDAQ:ACIC) reported an earnings per share (EPS) of $0.54, exceeding analysts’ expectations of $0.38 by $0.16 for the quarter.
• Despite the earnings beat, shares traded down by $0.47 to reach $10.24, accompanied by a trading volume higher than its average.
• The company’s COO, Christopher Griffith, sold 177,084 shares at an average price of $10.99, marking a significant drop in his ownership by 59.32%.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.16, Zacks reports. American Coastal Insurance had a return on equity of 31.87% and a net margin of 25.26%.

American Coastal Insurance Stock Performance

Shares of American Coastal Insurance stock traded down $0.47 during trading on Friday, reaching $10.24. The company's stock had a trading volume of 348,733 shares, compared to its average volume of 199,876. The stock has a fifty day moving average price of $10.72. The company has a market cap of $495.10 million, a price-to-earnings ratio of 6.28 and a beta of -0.26. American Coastal Insurance has a one year low of $8.82 and a one year high of $15.08.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered American Coastal Insurance from a "buy" rating to a "hold" rating in a research note on Friday, May 23rd.

Insider Transactions at American Coastal Insurance

In related news, COO Christopher Griffith sold 177,084 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $10.99, for a total transaction of $1,946,153.16. Following the transaction, the chief operating officer directly owned 121,431 shares in the company, valued at $1,334,526.69. The trade was a 59.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 49.90% of the stock is owned by corporate insiders.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation operates as a property and casualty insurance holding company that sources, writes, and services residential personal and commercial property, and casualty insurance policies in the United States. The company offers structure, content, and liability coverage for standard single-family homeowners, renters, and condominium unit owners.

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