Key Points
- Insider sale: Brooke Adler sold 21,196 American Coastal Insurance shares for approximately $192,036, reducing their ownership by 17.46% to 100,175 shares.
- Financial performance: ACIC reported quarterly EPS of $0.33, below the $0.42 analyst consensus, on revenue of $82.6 million. The stock opened at $9.40, near its 52-week low of $9.03.
- Analyst sentiment: Analysts maintain a consensus “Hold” rating with a $13.00 target price, while institutional investors own 22.11% of the company after several funds recently initiated or expanded positions.
American Coastal Insurance Corporation (NASDAQ:ACIC - Get Free Report) insider Brooke Adler sold 21,196 shares of the business's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $9.06, for a total value of $192,035.76. Following the sale, the insider owned 100,175 shares of the company's stock, valued at approximately $907,585.50. This represents a 17.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
American Coastal Insurance Price Performance
NASDAQ ACIC opened at $9.40 on Friday. American Coastal Insurance Corporation has a 52 week low of $9.03 and a 52 week high of $13.06. The firm has a market capitalization of $444.34 million, a P/E ratio of 4.68 and a beta of -0.46. 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 50-day moving average price of $9.74 and a 200-day moving average price of $10.60.
American Coastal Insurance (NASDAQ:ACIC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.09). The business had revenue of $82.60 million during the quarter. American Coastal Insurance had a return on equity of 27.95% and a net margin of 30.31%. Equities research analysts anticipate that American Coastal Insurance Corporation will post 0.96 earnings per share for the current year.
Wall Street Analyst Weigh In
ACIC has been the topic of several recent research reports. Raymond James Financial reiterated an "outperform" rating and issued a $13.00 price target on shares of American Coastal Insurance in a research report on Tuesday, August 11th. Zacks Research upgraded American Coastal Insurance from a "strong sell" rating to a "hold" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings cut American Coastal Insurance from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $13.00.
Read Our Latest Stock Report on ACIC
Institutional Trading of American Coastal Insurance
Several institutional investors and hedge funds have recently added to or reduced their stakes in ACIC. BlackRock Inc. purchased a new position in American Coastal Insurance in the 2nd quarter worth approximately $25,309,000. Tieton Capital Management LLC bought a new position in American Coastal Insurance in the 2nd quarter worth approximately $13,929,000. Punch & Associates Investment Management Inc. purchased a new stake in American Coastal Insurance during the 2nd quarter valued at approximately $8,977,000. Sei Investments Co. grew its holdings in American Coastal Insurance by 118.6% during the 1st quarter. Sei Investments Co. now owns 601,481 shares of the company's stock valued at $6,767,000 after buying an additional 326,340 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of American Coastal Insurance during the second quarter valued at approximately $2,992,000. Institutional investors own 22.11% of the company's stock.
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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