American Coastal Insurance (NASDAQ:ACIC) Now Covered by Analysts at Oppenheimer

Oppenheimer began coverage on shares of American Coastal Insurance (NASDAQ:ACIC) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm set a “market perform” rating on the stock.

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

American Coastal Insurance Trading Down 3.3%

Shares of ACIC opened at $11.31 on Monday. The firm’s fifty day simple moving average is $12.12 and its two-hundred day simple moving average is $11.48. American Coastal Insurance has a 12 month low of $9.97 and a 12 month high of $13.50. The stock has a market capitalization of $551.53 million, a P/E ratio of 6.61 and a beta of -0.55.

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

Institutional Investors Weigh In On American Coastal Insurance

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in American Coastal Insurance by 67.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 198,485 shares of the company’s stock valued at $2,261,000 after acquiring an additional 79,869 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in American Coastal Insurance by 110.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 153,677 shares of the company’s stock worth $1,750,000 after purchasing an additional 80,775 shares in the last quarter. PharVision Advisers LLC bought a new stake in American Coastal Insurance in the 3rd quarter worth about $420,000. Verition Fund Management LLC increased its stake in American Coastal Insurance by 142.1% in the 3rd quarter. Verition Fund Management LLC now owns 25,490 shares of the company’s stock valued at $290,000 after buying an additional 14,961 shares during the last quarter. Finally, Quarry LP lifted its position in shares of American Coastal Insurance by 583.3% during the 3rd quarter. Quarry LP now owns 5,965 shares of the company’s stock worth $68,000 after buying an additional 5,092 shares in the last quarter. 22.11% of the stock is owned by hedge funds and other institutional investors.

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.