American Coastal Insurance (NASDAQ:ACIC) Sets New 12-Month Low After Earnings Miss

Key Points

• American Coastal Insurance shares hit a new 52-week low, falling to $9.72 after the company reported disappointing quarterly results.
• The insurer reported earnings per share of $0.33, below the $0.42 analyst consensus, while quarterly revenue totaled $82.60 million.
• Analyst sentiment is currently cautious: all three tracked analysts rate ACIC a “Hold,” although institutional investors own 22.11% of the stock.

American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report)'s share price hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $9.72 and last traded at $10.28, with a volume of 741677 shares trading hands. The stock had previously closed at $10.95.

The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.09). American Coastal Insurance had a net margin of 30.31% and a return on equity of 28.28%. The company had revenue of $82.60 million during the quarter.

Analysts Set New Price Targets

Several analysts have recently weighed in on ACIC shares. Zacks Research upgraded shares of American Coastal Insurance from a "strong sell" rating to a "hold" rating in a research report on Monday. Wall Street Zen lowered shares of American Coastal Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings cut American Coastal Insurance from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 23rd. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, American Coastal Insurance currently has an average rating of "Hold".

Institutional Investors Weigh In On American Coastal Insurance

A number of hedge funds have recently made changes to their positions in ACIC. Royal Bank of Canada grew its holdings in shares of American Coastal Insurance by 290.7% during the 1st quarter. Royal Bank of Canada now owns 2,270 shares of the company's stock valued at $25,000 after purchasing an additional 1,689 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in American Coastal Insurance by 4,508.6% in the second quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company's stock worth $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% during the second quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company's stock valued at $52,000 after buying an additional 3,434 shares during the period. State of Wyoming purchased a new stake in American Coastal Insurance during the second quarter valued at about $59,000. Finally, State of Alaska Department of Revenue grew its stake in shares of American Coastal Insurance by 148.5% during the fourth quarter. State of Alaska Department of Revenue now owns 5,168 shares of the company's stock valued at $65,000 after buying an additional 3,088 shares during the last quarter. 22.11% of the stock is currently owned by institutional investors.

American Coastal Insurance Price Performance

The stock has a market capitalization of $498.17 million, a P/E ratio of 5.95, a PEG ratio of 3.80 and a beta of -0.47. The stock has a 50 day moving average price of $10.68 and a 200-day moving average price of $11.04.

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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