Insider Buying: American Coastal Insurance (NASDAQ:ACIC) CEO Acquires $91,500.00 in Stock

Key Points

• CEO Brad Martz bought 10,000 American Coastal Insurance shares at an average price of $9.15, investing $91,500 and increasing his ownership by 2.30% to 444,611 shares.
• ACIC shares traded near $9.07, close to their 12-month low of $9.03, while the company’s latest quarterly earnings of $0.33 per share fell short of analysts’ $0.42 estimate.
• Analysts maintain a consensus “Hold” rating with a $13.00 price target; institutional investors own 22.11% of the company.

American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report) CEO Brad Martz purchased 10,000 shares of the stock in a transaction on Tuesday, September 22nd. The stock was bought at an average cost of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the acquisition, the chief executive officer owned 444,611 shares in the company, valued at approximately $4,068,190.65. This trade represents a 2.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

American Coastal Insurance Stock Performance

Shares of NASDAQ:ACIC traded down $0.04 during trading on Thursday, reaching $9.07. 482,081 shares of the stock were exchanged, compared to its average volume of 259,603. American Coastal Insurance Corporation has a 12 month low of $9.03 and a 12 month high of $13.06. The stock has a 50-day moving average price of $9.79 and a 200-day moving average price of $10.63. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. The firm has a market cap of $428.74 million, a PE ratio of 4.51 and a beta of -0.46.

American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last announced its earnings results 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 for the quarter. American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%. Research analysts expect that American Coastal Insurance Corporation will post 0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of American Coastal Insurance by 290.7% in 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 in the last quarter. Legal & General Group Plc acquired a new position in shares of American Coastal Insurance during the 2nd quarter worth $25,000. Ancora Advisors LLC bought a new stake in shares of American Coastal Insurance during the 2nd quarter worth $27,000. Marble Wealth LLC bought a new stake in shares of American Coastal Insurance during the 4th quarter worth $132,000. Finally, Squarepoint Ops LLC acquired a new stake in American Coastal Insurance in the second quarter valued at about $173,000. 22.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on ACIC. Raymond James Financial restated 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 shares of American Coastal Insurance from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of American Coastal Insurance from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, American Coastal Insurance presently has a consensus rating of "Hold" and a consensus price target of $13.00.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation NASDAQ: ACIC is a specialty property and casualty insurance holding company focused primarily on the commercial residential market. Through its insurance operations, the company provides coverage designed for properties such as condominium associations, apartment communities and other residential developments.

The company's offerings generally center on commercial property insurance, including protection against damage from severe weather and other covered risks.

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