Range Financial Group LLC Takes Position in American Coastal Insurance Corporation $ACIC

Key Points

• Range Financial Group LLC opened a new position in American Coastal Insurance in Q1, buying 93,380 shares worth about $1.05 million and ending with roughly 0.19% ownership.
• American Coastal Insurance missed Q1 earnings expectations, reporting $0.39 EPS versus the $0.44 consensus and revenue of $71.22 million versus $75.78 million expected.
• The stock was down 3.4% and has drawn mixed analyst sentiment, with one Buy, one Hold, and one Sell rating, resulting in an overall Hold view.

Range Financial Group LLC purchased a new position in American Coastal Insurance Corporation (NASDAQ:ACIC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 93,380 shares of the company's stock, valued at approximately $1,051,000. Range Financial Group LLC owned approximately 0.19% of American Coastal Insurance at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Punch & Associates Investment Management Inc. increased its stake in American Coastal Insurance by 7.3% in the 4th quarter. Punch & Associates Investment Management Inc. now owns 776,400 shares of the company's stock valued at $9,806,000 after buying an additional 52,500 shares during the period. Dimensional Fund Advisors LP lifted its position in American Coastal Insurance by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 627,330 shares of the company's stock worth $7,923,000 after buying an additional 75,408 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of American Coastal Insurance by 28.1% during the 4th quarter. Renaissance Technologies LLC now owns 454,957 shares of the company's stock valued at $5,746,000 after buying an additional 99,900 shares during the period. Millennium Management LLC boosted its stake in shares of American Coastal Insurance by 5.0% during the 3rd quarter. Millennium Management LLC now owns 277,718 shares of the company's stock valued at $3,163,000 after buying an additional 13,297 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of American Coastal Insurance by 216.9% during the 4th quarter. Empowered Funds LLC now owns 269,899 shares of the company's stock valued at $3,206,000 after acquiring an additional 184,720 shares in the last quarter. 22.11% of the stock is currently owned by institutional investors and hedge funds.

American Coastal Insurance Stock Down 3.4%

ACIC stock opened at $11.18 on Friday. The firm has a 50 day moving average of $10.81 and a two-hundred day moving average of $11.23. American Coastal Insurance Corporation has a 12 month low of $9.80 and a 12 month high of $13.06. The company has a market capitalization of $541.78 million, a price-to-earnings ratio of 5.32, a P/E/G ratio of 4.04 and a beta of -0.51.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.05). American Coastal Insurance had a net margin of 31.32% and a return on equity of 32.26%. The business had revenue of $71.22 million for the quarter, compared to the consensus estimate of $75.78 million. On average, research analysts expect that American Coastal Insurance Corporation will post 0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACIC has been the subject of several recent research reports. Zacks Research lowered American Coastal Insurance from a "hold" rating to a "strong sell" rating in a report on Thursday, May 21st. Weiss Ratings upgraded American Coastal Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen lowered American Coastal Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold".

About American Coastal Insurance

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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