American Coastal Insurance (NASDAQ:ACIC) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded American Coastal Insurance from “strong sell” to “hold,” aligning with the broader analyst consensus of “Hold.”
• Shares opened at $11.03, up 0.9%, with a market capitalization of approximately $534.5 million and a 52-week trading range of $9.77 to $13.06.
• The company’s latest quarterly results missed expectations, reporting EPS of $0.39 versus the $0.44 consensus and revenue of $71.22 million versus $75.78 million expected.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen downgraded American Coastal Insurance from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings lowered American Coastal Insurance from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 23rd. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of "Hold".

American Coastal Insurance Trading Up 0.9%

Shares of American Coastal Insurance stock opened at $11.03 on Monday. The company has a market cap of $534.51 million, a PE ratio of 5.25, a price-to-earnings-growth ratio of 3.79 and a beta of -0.47. The company has a 50 day moving average of $10.68 and a 200-day moving average of $11.05. American Coastal Insurance has a 1-year low of $9.77 and a 1-year high of $13.06.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.05). American Coastal Insurance had a net margin of 31.32% and a return on equity of 32.26%. The firm had revenue of $71.22 million during the quarter, compared to the consensus estimate of $75.78 million. Research analysts forecast that American Coastal Insurance will post 0.96 earnings per share for the current year.

Hedge Funds Weigh In On American Coastal Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of American Coastal Insurance by 290.7% during the first quarter. Royal Bank of Canada now owns 2,270 shares of the company's stock worth $25,000 after buying an additional 1,689 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in American Coastal Insurance by 4,508.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company's stock valued at $30,000 after purchasing an additional 2,615 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in American Coastal Insurance by 273.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company's stock worth $52,000 after purchasing an additional 3,434 shares during the last quarter. State of Wyoming purchased a new position in shares of American Coastal Insurance during the 2nd quarter valued at $59,000. Finally, State of Alaska Department of Revenue increased its holdings in American Coastal Insurance by 148.5% in the 4th quarter. State of Alaska Department of Revenue now owns 5,168 shares of the company's stock worth $65,000 after acquiring an additional 3,088 shares during the last quarter. 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.

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