M Holdings Securities Inc. Makes New Investment in American Coastal Insurance Corporation $ACIC

M Holdings Securities Inc. bought a new stake in American Coastal Insurance Corporation (NASDAQ:ACIC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 83,186 shares of the company’s stock, valued at approximately $752,000. M Holdings Securities Inc. owned about 0.18% of American Coastal Insurance as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its position in American Coastal Insurance by 3,629.8% in the 3rd quarter. Parallel Advisors LLC now owns 4,625 shares of the company’s stock valued at $42,000 after acquiring an additional 4,501 shares during the period. Verdence Capital Advisors LLC acquired a new stake in American Coastal Insurance during the 3rd quarter worth approximately $404,000. Daytona Street Capital LLC lifted its position in American Coastal Insurance by 15.0% during the 3rd quarter. Daytona Street Capital LLC now owns 11,500 shares of the company’s stock worth $106,000 after acquiring an additional 1,500 shares during the period. Versant Capital Management Inc grew its stake in shares of American Coastal Insurance by 1,646.9% in the 3rd quarter. Versant Capital Management Inc now owns 7,302 shares of the company’s stock valued at $66,000 after purchasing an additional 6,884 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of American Coastal Insurance in the 2nd quarter valued at approximately $173,000. Institutional investors and hedge funds own 22.11% of the company’s stock.

Insider Buying and Selling

In other American Coastal Insurance news, CEO Bennett Bradford Martz bought 10,000 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was acquired at an average cost of $9.15 per share, with a total value of $91,500.00. Following the purchase, the chief executive officer owned 444,611 shares in the company, valued at approximately $4,068,190.65. This represents a 2.30% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Brooke Adler sold 21,196 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $9.06, for a total value of $192,035.76. Following the transaction, the insider directly owned 100,175 shares of the company’s stock, valued at approximately $907,585.50. This trade represents a 17.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 49.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ACIC shares. Zacks Research raised American Coastal Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 14th. Raymond James Financial reaffirmed an “outperform” rating and set a $13.00 price target on shares of American Coastal Insurance in a report on Tuesday, August 11th. Finally, Weiss Ratings lowered shares of American Coastal Insurance from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

American Coastal Insurance Stock Up 2.5%

Shares of NASDAQ:ACIC opened at $10.26 on Wednesday. The company has a market cap of $485.20 million, a price-to-earnings ratio of 6.07 and a beta of -0.55. The firm’s 50-day simple moving average is $9.96 and its 200-day simple moving average is $10.64. American Coastal Insurance Corporation has a fifty-two week low of $9.01 and a fifty-two week high of $13.06.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.05). The firm had revenue of $70.70 million for the quarter. American Coastal Insurance had a return on equity of 24.36% and a net margin of 28.02%. On average, research analysts forecast that American Coastal Insurance Corporation will post 1.26 EPS for the current year.

American Coastal Insurance Company Profile

American Coastal Insurance Corporation is a property and casualty insurance holding company based in Florida. Through its insurance subsidiaries, the company provides coverage for catastrophe-exposed residential properties, with a particular emphasis on commercial residential insurance such as condominium and homeowners’ association properties. The company’s principal operating subsidiary is American Coastal Insurance Company, which focuses on property insurance in Florida and other coastal markets where specialized underwriting and catastrophe-risk management are important.