American Coastal Insurance (NASDAQ:ACIC) Trading Up 0.4% - Here's Why

Key Points

• Analysts are turning more positive: Weiss Ratings and Wall Street Zen upgraded ACIC to a "Buy" while Oppenheimer started coverage at "Market Perform," leaving a consensus rating of "Moderate Buy" (one Buy, one Hold).
• Institutional investors have been accumulating shares—Empowered Funds and Raymond James more than tripled their stakes and Punch & Associates increased its position—leaving about 22.11% of the stock held by hedge funds and institutions.
• Shares traded up 0.4% to $11.90 on mid-day trades with volume roughly 45% below average; the company has a market cap of $579.1M and a low trailing P/E of 5.56, with 50- and 200-day SMAs near $11.46 and $11.66 respectively.

Shares of American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report) were up 0.4% during mid-day trading on Thursday . The stock traded as high as $11.90 and last traded at $11.90. Approximately 85,465 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 156,620 shares. The stock had previously closed at $11.85.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ACIC shares. Oppenheimer started coverage on American Coastal Insurance in a report on Monday, January 12th. They issued a "market perform" rating on the stock. Weiss Ratings upgraded American Coastal Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday. Finally, Wall Street Zen upgraded American Coastal Insurance from a "hold" rating to a "buy" rating in a report on Tuesday, April 7th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy".

American Coastal Insurance Stock Performance

The stock's 50 day simple moving average is $11.46 and its two-hundred day simple moving average is $11.66. The firm has a market capitalization of $579.05 million, a PE ratio of 5.56, a price-to-earnings-growth ratio of 2.67 and a beta of -0.59.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ACIC. Empowered Funds LLC lifted its stake in American Coastal Insurance by 216.9% in the 4th quarter. Empowered Funds LLC now owns 269,899 shares of the company's stock worth $3,206,000 after purchasing an additional 184,720 shares in the last quarter. Raymond James Financial Inc. raised its position in shares of American Coastal Insurance by 353.2% during the 2nd quarter. Raymond James Financial Inc. now owns 229,123 shares of the company's stock valued at $2,548,000 after buying an additional 178,562 shares during the period. Punch & Associates Investment Management Inc. raised its position in shares of American Coastal Insurance by 21.4% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 723,900 shares of the company's stock valued at $8,245,000 after buying an additional 127,571 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of American Coastal Insurance during the 2nd quarter valued at approximately $1,268,000. Finally, Bridgeway Capital Management LLC purchased a new stake in shares of American Coastal Insurance during the 3rd quarter valued at approximately $1,255,000. 22.11% of the stock is owned by hedge funds and other institutional investors.

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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