American Coastal Insurance (NASDAQ:ACIC) Releases Earnings Results

American Coastal Insurance (NASDAQ:ACIC) issued its earnings results on Wednesday. The company reported $0.61 EPS for the quarter, FiscalAI reports. American Coastal Insurance had a return on equity of 31.89% and a net margin of 25.95%.The business had revenue of $0.09 million during the quarter.

American Coastal Insurance Trading Down 1.7%

Shares of NASDAQ ACIC opened at $12.19 on Friday. American Coastal Insurance has a 12-month low of $9.97 and a 12-month high of $15.08. The stock’s 50-day moving average is $11.57. The firm has a market cap of $594.38 million, a P/E ratio of 7.13 and a beta of -0.49.

Institutional Trading of American Coastal Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in American Coastal Insurance by 4,508.6% during 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. Tower Research Capital LLC TRC raised its position in shares of American Coastal Insurance by 273.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock worth $52,000 after acquiring an additional 3,434 shares during the last quarter. State of Wyoming acquired a new position in shares of American Coastal Insurance during the second quarter valued at $59,000. Tactive Advisors LLC bought a new position in American Coastal Insurance in the second quarter valued at about $120,000. Finally, Engineers Gate Manager LP bought a new position in American Coastal Insurance in the second quarter valued at about $180,000. Institutional investors and hedge funds own 22.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of American Coastal Insurance in a report on Wednesday, October 8th. Wall Street Zen upgraded American Coastal Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold”.

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.