Insider Buying: American Coastal Insurance (NASDAQ:ACIC) Director Buys 1,400 Shares of Stock

Key Points

• Director Kern Michael Davis purchased 1,400 shares on March 4 at an average price of $11.71 for $16,394, increasing his ownership 51.36% to 4,126 shares (SEC filing).
• Shares were down 1.8% to $11.21 with 31,648 traded (vs. average volume 253,902); the stock carries a $545.5M market cap, a P/E of 5.24 and a 12‑month range of $9.97–$13.06.
• Analysts are mixed—one Buy and one Hold for an average rating of "Moderate Buy"—and institutional investors own about 22.11% of the company, with several funds modestly raising stakes recently.

American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report) Director Kern Michael Davis acquired 1,400 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were purchased at an average price of $11.71 per share, for a total transaction of $16,394.00. Following the purchase, the director directly owned 4,126 shares of the company's stock, valued at approximately $48,315.46. This trade represents a 51.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

American Coastal Insurance Stock Down 1.8%

Shares of NASDAQ ACIC traded down $0.21 during trading on Wednesday, reaching $11.21. 31,648 shares of the stock were exchanged, compared to its average volume of 253,902. The company has a market capitalization of $545.48 million, a price-to-earnings ratio of 5.24, a price-to-earnings-growth ratio of 2.56 and a beta of -0.61. The business's 50-day moving average price is $11.22 and its 200 day moving average price is $11.63. American Coastal Insurance Corporation has a twelve month low of $9.97 and a twelve month high of $13.06.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ACIC shares. Oppenheimer assumed coverage on shares of American Coastal Insurance in a research report on Monday, January 12th. They issued a "market perform" rating for the company. Weiss Ratings upgraded American Coastal Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 4th. Finally, Wall Street Zen downgraded shares of American Coastal Insurance from a "buy" rating to a "hold" rating in a research report on Saturday. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy".

Institutional Trading of American Coastal Insurance

Several hedge funds have recently bought and sold shares of the company. Allegheny Financial Group grew its position in American Coastal Insurance by 6.3% in the 4th 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 last quarter. Osaic Holdings Inc. raised its stake in American Coastal Insurance by 7.2% during the 4th quarter. Osaic Holdings Inc. now owns 17,917 shares of the company's stock valued at $226,000 after acquiring an additional 1,202 shares in the last quarter. Martingale Asset Management L P raised its stake in shares of 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 valued at $618,000 after purchasing an additional 1,490 shares in the last quarter. Invesco Ltd. lifted its holdings in American Coastal Insurance by 9.7% in the second quarter. Invesco Ltd. now owns 19,674 shares of the company's stock worth $219,000 after purchasing an additional 1,736 shares during the period. Finally, First Trust Advisors LP grew its position in American Coastal Insurance by 2.5% in the 4th quarter. First Trust Advisors LP now owns 78,625 shares of the company's stock valued at $993,000 after buying an additional 1,906 shares in the last quarter. 22.11% of the stock is currently owned by institutional investors.

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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