BlackRock Inc. Acquires Shares of 2,280,065 American Coastal Insurance Corporation $ACIC

Key Points

• BlackRock acquired 2.28 million shares of American Coastal Insurance in the second quarter, worth approximately $25.3 million and representing a 4.71% stake.
• ACIC reported quarterly revenue of $82.6 million and EPS of $0.33, missing the analyst consensus estimate of $0.42. The stock opened at $9.40, near its 52-week low of $9.10.
• Analyst sentiment remains cautious, with one Buy rating and three Holds; the average price target is $13.00 versus the current share price.

BlackRock Inc. bought a new position in shares of American Coastal Insurance Corporation (NASDAQ:ACIC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,280,065 shares of the company's stock, valued at approximately $25,309,000. BlackRock Inc. owned 4.71% of American Coastal Insurance as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Allegheny Financial Group grew its stake in shares of American Coastal Insurance by 6.3% during the fourth quarter. Allegheny Financial Group now owns 19,166 shares of the company's stock worth $242,000 after purchasing an additional 1,137 shares during the period. Osaic Holdings Inc. lifted its stake in American Coastal Insurance by 7.2% in the fourth quarter. Osaic Holdings Inc. now owns 17,917 shares of the company's stock valued at $226,000 after buying an additional 1,202 shares during the period. Martingale Asset Management L P boosted its holdings in American Coastal Insurance by 3.1% during the fourth quarter. Martingale Asset Management L P now owns 48,921 shares of the company's stock worth $618,000 after buying an additional 1,490 shares during the last quarter. Royal Bank of Canada grew its position 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 worth $25,000 after buying an additional 1,689 shares during the period. Finally, Invesco Ltd. grew its position in shares of American Coastal Insurance by 9.7% during the 2nd quarter. Invesco Ltd. now owns 19,674 shares of the company's stock worth $219,000 after buying an additional 1,736 shares during the period. Institutional investors and hedge funds own 22.11% of the company's stock.

American Coastal Insurance Price Performance

Shares of ACIC opened at $9.40 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50 day simple moving average of $10.35 and a 200 day simple moving average of $10.84. American Coastal Insurance Corporation has a 52-week low of $9.10 and a 52-week high of $13.06. The firm has a market capitalization of $444.34 million, a PE ratio of 4.68 and a beta of -0.46.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.09). American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%.The business had revenue of $82.60 million for the quarter. Sell-side analysts predict that American Coastal Insurance Corporation will post 0.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ACIC shares. Zacks Research raised shares of American Coastal Insurance from a "strong sell" rating to a "hold" rating in a research note on Monday, August 3rd. Weiss Ratings lowered shares of American Coastal Insurance from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, August 12th. Wall Street Zen cut shares of American Coastal Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Raymond James Financial restated an "outperform" rating and issued a $13.00 price objective on shares of American Coastal Insurance in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, American Coastal Insurance currently has an average rating of "Hold" and an average price target of $13.00.

American Coastal Insurance Company Profile

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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