Oppenheimer Initiates Coverage on American Coastal Insurance (NASDAQ:ACIC)

Equities research analysts at Oppenheimer initiated coverage on shares of American Coastal Insurance (NASDAQ:ACIC) in a report released on Monday, MarketBeat Ratings reports. The brokerage set a “market perform” rating on the stock.

Several other analysts have also issued reports on ACIC. Weiss Ratings restated a “buy (b-)” rating on shares of American Coastal Insurance in a research note on Monday, December 29th. Wall Street Zen raised shares of American Coastal Insurance from a “hold” rating to a “buy” rating in a report on Saturday, November 22nd. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

American Coastal Insurance Price Performance

NASDAQ ACIC opened at $11.31 on Monday. The business’s fifty day moving average is $12.12 and its 200-day moving average is $11.48. The stock has a market capitalization of $551.53 million, a price-to-earnings ratio of 6.61 and a beta of -0.55. American Coastal Insurance has a one year low of $9.97 and a one year high of $13.50.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter. The business had revenue of $0.09 million during the quarter. American Coastal Insurance had a net margin of 25.95% and a return on equity of 30.06%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in shares of American Coastal Insurance in the first quarter worth about $485,000. Farther Finance Advisors LLC increased its holdings in American Coastal Insurance by 17.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 51,736 shares of the company’s stock worth $575,000 after acquiring an additional 7,519 shares during the period. Bastion Asset Management Inc. lifted its stake in American Coastal Insurance by 24.5% in the 2nd quarter. Bastion Asset Management Inc. now owns 373,073 shares of the company’s stock worth $4,336,000 after purchasing an additional 73,389 shares in the last quarter. Geode Capital Management LLC lifted its stake in American Coastal Insurance by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock worth $6,741,000 after purchasing an additional 2,269 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in American Coastal Insurance in the 2nd quarter valued at $333,000. Hedge funds and other institutional investors own 22.11% of the company’s stock.

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.