American Coastal Insurance (NASDAQ:ACIC - Get Free Report) released its earnings results on Wednesday, August 6th. The company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.16, Zacks reports. American Coastal Insurance had a return on equity of 30.65% and a net margin of 25.26%.
American Coastal Insurance Stock Up 0.7%
NASDAQ:ACIC traded up $0.07 during midday trading on Wednesday, hitting $10.76. The stock had a trading volume of 19,996 shares, compared to its average volume of 198,730. American Coastal Insurance has a one year low of $8.82 and a one year high of $15.08. The stock has a market capitalization of $524.71 million, a P/E ratio of 6.60 and a beta of -0.26. The company's 50-day simple moving average is $10.68.
Analysts Set New Price Targets
Separately, Wall Street Zen raised American Coastal Insurance from a "hold" rating to a "buy" rating in a research note on Saturday.
Get Our Latest Research Report on American Coastal Insurance
Insider Transactions at American Coastal Insurance
In related news, COO Christopher Griffith sold 177,084 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $10.99, for a total value of $1,946,153.16. Following the transaction, the chief operating officer owned 121,431 shares of the company's stock, valued at $1,334,526.69. This represents a 59.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 49.90% of the stock is currently owned by company insiders.
Institutional Trading of American Coastal Insurance
An institutional investor recently raised its position in American Coastal Insurance stock. JPMorgan Chase & Co. grew its holdings in shares of American Coastal Insurance Corporation (NASDAQ:ACIC - Free Report) by 549.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,616 shares of the company's stock after purchasing an additional 100,365 shares during the period. JPMorgan Chase & Co. owned approximately 0.24% of American Coastal Insurance worth $1,319,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 22.11% of the company's stock.
American Coastal Insurance Company Profile
(
Get Free Report)
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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