American Coastal Insurance (NASDAQ:ACIC) Releases Quarterly Earnings Results

American Coastal Insurance (NASDAQ:ACIC) issued its quarterly earnings data on Wednesday. The company reported $0.33 earnings per share (EPS) for the quarter, FiscalAI reports. American Coastal Insurance had a return on equity of 32.26% and a net margin of 31.32%.The firm had revenue of $82.60 million during the quarter.

American Coastal Insurance Stock Performance

Shares of NASDAQ ACIC traded down $0.08 during mid-day trading on Wednesday, reaching $10.95. 243,719 shares of the company traded hands, compared to its average volume of 254,668. The stock has a market cap of $530.64 million, a PE ratio of 5.21, a price-to-earnings-growth ratio of 3.79 and a beta of -0.47. The company’s fifty day moving average is $10.68 and its two-hundred day moving average is $11.05. American Coastal Insurance has a fifty-two week low of $9.77 and a fifty-two week high of $13.06.

Analysts Set New Price Targets

Several brokerages recently issued reports on ACIC. Zacks Research raised shares of American Coastal Insurance from a “strong sell” rating to a “hold” rating in a research note on Monday. Wall Street Zen downgraded shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

Institutional Investors Weigh In On American Coastal Insurance

A number of large investors have recently added to or reduced their stakes in ACIC. Royal Bank of Canada increased its holdings in American Coastal Insurance by 290.7% during 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. Russell Investments Group Ltd. increased its position in shares of American Coastal Insurance by 4,508.6% during the second quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock worth $30,000 after acquiring an additional 2,615 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings 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 buying an additional 3,434 shares in the last quarter. State of Wyoming bought a new position in shares of American Coastal Insurance during the 2nd quarter worth approximately $59,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of American Coastal Insurance by 148.5% in the fourth quarter. State of Alaska Department of Revenue now owns 5,168 shares of the company’s stock valued at $65,000 after purchasing an additional 3,088 shares during the last quarter. Institutional investors own 22.11% of the company’s stock.

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.