Connor Clark & Lunn Investment Management Ltd. Buys New Stake in American Coastal Insurance Corporation $ACIC

Connor Clark & Lunn Investment Management Ltd. acquired a new position in American Coastal Insurance Corporation (NASDAQ:ACIC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 122,583 shares of the company's stock, valued at approximately $1,361,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.26% of American Coastal Insurance at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Allegheny Financial Group raised its position in American Coastal Insurance by 6.3% during the fourth quarter. Allegheny Financial Group now owns 19,166 shares of the company's stock valued at $242,000 after purchasing an additional 1,137 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of American Coastal Insurance by 7.2% in the 4th quarter. Osaic Holdings Inc. now owns 17,917 shares of the company's stock worth $226,000 after purchasing an additional 1,202 shares during the period. Martingale Asset Management L P boosted its holdings in shares of American Coastal Insurance by 3.1% in the 4th quarter. Martingale Asset Management L P now owns 48,921 shares of the company's stock worth $618,000 after purchasing an additional 1,490 shares during the period. Royal Bank of Canada increased 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 valued at $25,000 after purchasing an additional 1,689 shares during the last quarter. Finally, Invesco Ltd. increased 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 valued at $219,000 after purchasing an additional 1,736 shares during the last quarter. 22.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ACIC has been the subject of a number of recent analyst reports. Raymond James Financial restated an "outperform" rating and set a $13.00 price objective on shares of American Coastal Insurance in a report on Tuesday, August 11th. Wall Street Zen lowered American Coastal Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded American Coastal Insurance from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. Finally, 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. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $13.00.

American Coastal Insurance Stock Performance

American Coastal Insurance stock opened at $9.50 on Monday. 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 market cap of $449.06 million, a PE ratio of 4.73 and a beta of -0.47. The stock has a 50-day moving average of $10.44 and a two-hundred day moving average of $10.87. American Coastal Insurance Corporation has a one year low of $9.10 and a one year high of $13.06.

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

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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