Empowered Funds LLC Takes $2.99 Million Position in American Coastal Insurance Corporation $ACIC

Key Points

• Empowered Funds LLC acquired 269,533 shares of American Coastal Insurance, worth approximately $2.99 million, giving it a 0.57% stake. Institutional investors collectively own 22.11% of ACIC.
• Analyst sentiment remains cautious: ACIC has a consensus “Hold” rating from MarketBeat, with a $13.00 average price target.
• ACIC recently reported quarterly EPS of $0.33, missing the $0.42 consensus estimate, while revenue totaled $82.6 million. Shares opened at $9.40, near the company’s 52-week low of $9.10.

Empowered Funds LLC acquired a new stake in shares of American Coastal Insurance Corporation (NASDAQ:ACIC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 269,533 shares of the company's stock, valued at approximately $2,992,000. Empowered Funds LLC owned approximately 0.57% of American Coastal Insurance at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ACIC. JPMorgan Chase & Co. lifted its stake in American Coastal Insurance by 549.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company's stock worth $1,319,000 after purchasing an additional 100,365 shares in the last quarter. Russell Investments Group Ltd. grew its stake in American Coastal Insurance by 4,508.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company's stock worth $30,000 after buying an additional 2,615 shares in the last quarter. Quantbot Technologies LP grew its position in American Coastal Insurance by 762.8% in the second quarter. Quantbot Technologies LP now owns 32,374 shares of the company's stock worth $360,000 after acquiring an additional 28,622 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of American Coastal Insurance during the 2nd quarter valued at about $767,000. Finally, Invesco Ltd. grew its position in American Coastal Insurance by 9.7% during the second quarter. Invesco Ltd. now owns 19,674 shares of the company's stock valued at $219,000 after acquiring an additional 1,736 shares during the last quarter. Institutional investors own 22.11% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ACIC. Wall Street Zen downgraded shares of American Coastal Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $13.00 price target on shares of American Coastal Insurance in a research note on Tuesday, August 11th. 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 upgraded American Coastal Insurance from a "strong sell" rating to a "hold" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, American Coastal Insurance presently has a consensus rating of "Hold" and a consensus price target of $13.00.

American Coastal Insurance Price Performance

ACIC stock 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 firm has a 50 day moving average price of $10.35 and a 200-day moving average price 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 price-to-earnings ratio of 4.68 and a beta of -0.46.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.09). American Coastal Insurance had a net margin of 30.31% and a return on equity of 27.95%. The company had revenue of $82.60 million for the quarter. Equities research analysts forecast that American Coastal Insurance Corporation will post 0.98 EPS for the current fiscal year.

American Coastal Insurance 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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