Empyrean Capital Partners LP boosted its holdings in shares of American Coastal Insurance Corporation (NASDAQ:ACIC – Free Report) by 19.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,126,987 shares of the company’s stock after buying an additional 186,487 shares during the period. Empyrean Capital Partners LP’s holdings in American Coastal Insurance were worth $12,679,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in shares of American Coastal Insurance by 549.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company’s stock worth $1,319,000 after acquiring an additional 100,365 shares during the period. Russell Investments Group Ltd. increased its stake in American Coastal Insurance by 4,508.6% in the second quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock valued at $30,000 after acquiring an additional 2,615 shares during the period. Quantbot Technologies LP raised its position in American Coastal Insurance by 762.8% in the second quarter. Quantbot Technologies LP now owns 32,374 shares of the company’s stock worth $360,000 after purchasing an additional 28,622 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in American Coastal Insurance in the second quarter worth about $767,000. Finally, Invesco Ltd. lifted its stake in American Coastal Insurance by 9.7% during the second quarter. Invesco Ltd. now owns 19,674 shares of the company’s stock worth $219,000 after purchasing an additional 1,736 shares during the period. Institutional investors own 22.11% of the company’s stock.
American Coastal Insurance Price Performance
Shares of NASDAQ:ACIC opened at $10.41 on Tuesday. The company has a market capitalization of $504.47 million, a price-to-earnings ratio of 4.96, a P/E/G ratio of 3.57 and a beta of -0.51. The firm’s 50 day simple moving average is $10.68 and its 200 day simple moving average is $11.07. American Coastal Insurance Corporation has a fifty-two week low of $9.77 and a fifty-two week high of $13.06.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the stock. 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. Zacks Research cut shares of American Coastal Insurance from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings cut shares of American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, American Coastal Insurance currently has a consensus rating of “Reduce”.
Read Our Latest Stock Analysis on ACIC
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.
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