Key Points
- CEO Brad Martz purchased 10,000 American Coastal Insurance shares at an average price of $9.15, investing $91,500 and increasing his holdings to 444,611 shares.
- ACIC shares opened at $9.07, near their 52-week low of $9.03, with a market capitalization of approximately $428.7 million. The company’s latest quarterly EPS of $0.33 missed the $0.42 consensus estimate.
- Analysts maintain a consensus “Hold” rating with a $13.00 price target, while institutional investors own 22.11% of the company.
American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report) CEO Brad Martz acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was purchased at an average price of $9.15 per share, for a total transaction of $91,500.00. Following the completion of the transaction, the chief executive officer owned 444,611 shares in the company, valued at $4,068,190.65. The trade was a 2.30% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link.
American Coastal Insurance Price Performance
Shares of NASDAQ:ACIC opened at $9.07 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.01. The company has a market cap of $428.74 million, a P/E ratio of 4.51 and a beta of -0.46. American Coastal Insurance Corporation has a 52 week low of $9.03 and a 52 week high of $13.06. The company has a 50-day moving average price of $9.76 and a 200 day moving average price of $10.61.
American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.09). The company had revenue of $82.60 million for the quarter. American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%. Research analysts predict that American Coastal Insurance Corporation will post 0.96 earnings per share for the current year.
Institutional Investors Weigh In On American Coastal Insurance
Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in American Coastal Insurance by 290.7% in the first quarter. Royal Bank of Canada now owns 2,270 shares of the company's stock valued at $25,000 after buying an additional 1,689 shares during the period. Legal & General Group Plc purchased a new stake in American Coastal Insurance during the second quarter worth approximately $25,000. Ancora Advisors LLC purchased a new stake in American Coastal Insurance during the second quarter worth approximately $27,000. Marble Wealth LLC acquired a new stake in shares of American Coastal Insurance in the fourth quarter worth $132,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of American Coastal Insurance in the second quarter worth $173,000. Hedge funds and other institutional investors own 22.11% of the company's stock.
Analysts Set New Price Targets
ACIC has been the topic of several recent research reports. Raymond James Financial restated an "outperform" rating and issued a $13.00 price objective on shares of American Coastal Insurance in a research report on Tuesday, August 11th. Weiss Ratings cut American Coastal Insurance from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of American Coastal Insurance from a "strong sell" rating to a "hold" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $13.00.
Get Our Latest Research Report on American Coastal Insurance
About American Coastal Insurance
(
Get Free Report)
American Coastal Insurance Corporation (NASDAQ: ACIC) is a specialty property and casualty insurance holding company focused primarily on the commercial residential market. Through its insurance operations, the company provides coverage designed for properties such as condominium associations, apartment communities and other residential developments.
The company's offerings generally center on commercial property insurance, including protection against damage from severe weather and other covered risks.
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