American Coastal Insurance (NASDAQ:ACIC) Upgraded to "Buy" at Wall Street Zen

Key Points

• American Coastal Insurance (NASDAQ:ACIC) has been upgraded from a "hold" to a "buy" rating by Wall Street Zen.
• The company's recent quarterly earnings report showed an earnings per share of $0.54, exceeding analysts' expectations of $0.38.
• Significant insider activity includes COO Christopher Griffith selling 177,084 shares of stock, reducing his ownership by 59.32%.

Wall Street Zen upgraded shares of American Coastal Insurance (NASDAQ:ACIC - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

American Coastal Insurance Stock Up 0.7%

NASDAQ:ACIC traded up $0.08 during trading hours on Friday, reaching $10.77. 33,153 shares of the company's stock were exchanged, compared to its average volume of 198,859. The firm has a market cap of $525.20 million, a price-to-earnings ratio of 6.61 and a beta of -0.26. The firm's 50-day moving average is $10.68. American Coastal Insurance has a 1-year low of $8.82 and a 1-year high of $15.08.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.38 by $0.16. American Coastal Insurance had a net margin of 25.26% and a return on equity of 30.65%.

Insider Activity

In other news, COO Christopher Griffith sold 177,084 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $10.99, for a total value of $1,946,153.16. Following the completion of the transaction, the chief operating officer owned 121,431 shares in the company, valued at $1,334,526.69. This trade represents a 59.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 49.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On American Coastal Insurance

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in American Coastal Insurance by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company's stock valued at $6,741,000 after acquiring an additional 2,269 shares in the last quarter. American Century Companies Inc. increased its holdings in American Coastal Insurance by 12.2% during the 2nd quarter. American Century Companies Inc. now owns 548,953 shares of the company's stock valued at $6,104,000 after acquiring an additional 59,907 shares in the last quarter. Bastion Asset Management Inc. increased its holdings in American Coastal Insurance by 24.5% during the 2nd quarter. Bastion Asset Management Inc. now owns 373,073 shares of the company's stock valued at $4,336,000 after acquiring an additional 73,389 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in American Coastal Insurance by 549.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company's stock valued at $1,319,000 after acquiring an additional 100,365 shares in the last quarter. Finally, Militia Capital Partners LP increased its holdings in American Coastal Insurance by 101.5% during the 1st quarter. Militia Capital Partners LP now owns 90,658 shares of the company's stock valued at $1,049,000 after acquiring an additional 45,658 shares in the last quarter. Hedge funds and other institutional investors own 22.11% of the company's stock.

About American Coastal Insurance

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.