American Coastal Insurance (NASDAQ:ACIC) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of American Coastal Insurance (NASDAQ:ACIC) from a hold rating to a buy rating in a report released on Saturday.

American Coastal Insurance Price Performance

American Coastal Insurance stock opened at $10.74 on Friday. American Coastal Insurance has a 1-year low of $8.82 and a 1-year high of $15.08. The stock has a market cap of $523.68 million, a price-to-earnings ratio of 6.59 and a beta of -0.26. The stock has a 50-day moving average price of $10.70.

American Coastal Insurance (NASDAQ:ACIC) last issued its earnings results on Wednesday, August 6th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.16. American Coastal Insurance had a net margin of 25.26% and a return on equity of 30.65%.

Insider Buying and Selling

In other news, COO Christopher Griffith sold 177,084 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $10.99, for a total transaction of $1,946,153.16. Following the transaction, the chief operating officer directly owned 121,431 shares in the company, valued at approximately $1,334,526.69. This trade represents a 59.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 49.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On American Coastal Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in shares of American Coastal Insurance by 0.4% during the second quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock valued at $6,741,000 after purchasing an additional 2,269 shares in the last quarter. Bastion Asset Management Inc. lifted its position in American Coastal Insurance by 24.5% during the second quarter. Bastion Asset Management Inc. now owns 373,073 shares of the company’s stock valued at $4,336,000 after acquiring an additional 73,389 shares during the last quarter. Militia Capital Partners LP lifted its position in American Coastal Insurance by 101.5% during the first quarter. Militia Capital Partners LP now owns 90,658 shares of the company’s stock valued at $1,049,000 after acquiring an additional 45,658 shares during the last quarter. Farther Finance Advisors LLC lifted its position in American Coastal Insurance by 17.0% during the second quarter. Farther Finance Advisors LLC now owns 51,736 shares of the company’s stock valued at $575,000 after acquiring an additional 7,519 shares during the last quarter. Finally, Strs Ohio purchased a new stake in American Coastal Insurance during the first quarter valued at approximately $485,000. 22.11% of the stock is currently owned by institutional investors.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation operates as a property and casualty insurance holding company that sources, writes, and services residential personal and commercial property, and casualty insurance policies in the United States. The company offers structure, content, and liability coverage for standard single-family homeowners, renters, and condominium unit owners.