American Coastal Insurance (NASDAQ:ACIC) Stock Rating Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded American Coastal Insurance from “strong buy” to “hold.” Analysts overall rate the stock “hold,” with a consensus price target of $13.
• The insurer reported quarterly EPS of $0.42, missing the $0.47 consensus estimate; quarterly revenue was $70.7 million.
• ACIC shares fell 0.7% to $10.27 on Thursday, below the $13 consensus target price.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Thursday, Zacks reports.

A number of other research firms have also weighed in on ACIC. Raymond James Financial restated an "outperform" rating and set a $13.00 target price on shares of American Coastal Insurance in a research note on Tuesday, August 11th. Weiss Ratings reiterated a "hold (c)" rating on shares of American Coastal Insurance in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $13.00.

American Coastal Insurance Trading Down 0.7%

ACIC traded down $0.07 on Thursday, hitting $10.27. 150,658 shares of the company were exchanged, compared to its average volume of 249,275. American Coastal Insurance has a twelve month low of $9.01 and a twelve month high of $13.06. The company has a market cap of $485.67 million, a price-to-earnings ratio of 5.84 and a beta of -0.55. The firm has a 50-day moving average price of $10.01 and a two-hundred day moving average price of $10.63.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.05). The company had revenue of $70.70 million for the quarter. American Coastal Insurance had a return on equity of 24.36% and a net margin of 28.02%. Equities analysts expect that American Coastal Insurance will post 1.26 EPS for the current year.

Insider Activity at American Coastal Insurance

In other news, insider Brooke Adler sold 21,196 shares of the firm's stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $9.06, for a total value of $192,035.76. Following the completion of the sale, the insider owned 100,175 shares in the company, valued at approximately $907,585.50. This trade represents a 17.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Bennett Bradford Martz acquired 10,000 shares of the stock in a transaction on Tuesday, September 22nd. The stock was acquired at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the acquisition, the chief executive officer directly owned 444,611 shares in the company, valued at $4,068,190.65. This represents a 2.30% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 49.20% of the stock is owned by corporate insiders.

Institutional Trading of American Coastal Insurance

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in shares of American Coastal Insurance by 290.7% in 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 in the last quarter. Legal & General Group Plc acquired a new stake in shares of American Coastal Insurance in the second quarter valued at about $25,000. Ancora Advisors LLC purchased a new stake in American Coastal Insurance during the second quarter worth about $27,000. Parallel Advisors LLC boosted its holdings in American Coastal Insurance by 3,629.8% during the third quarter. Parallel Advisors LLC now owns 4,625 shares of the company's stock worth $42,000 after buying an additional 4,501 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in American Coastal Insurance by 1,646.9% during the third quarter. Versant Capital Management Inc now owns 7,302 shares of the company's stock worth $66,000 after buying an additional 6,884 shares in the last quarter. 22.11% of the stock is currently owned by hedge funds and other institutional investors.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation is a property and casualty insurance holding company focused on commercial residential property coverage. Through its insurance subsidiary, American Coastal Insurance Company, it serves customers such as condominium and homeowners associations and owners of apartment buildings. The company's business is centered primarily in Florida, where it provides property insurance for residential communities and buildings. Its products are designed for commercial residential property risks, including exposures common in coastal areas.

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