American Coastal Insurance (NASDAQ:ACIC) Stock Price Down 4.3% – Time to Sell?

American Coastal Insurance Corporation (NASDAQ:ACICGet Free Report)’s share price dropped 4.3% during trading on Wednesday . The company traded as low as $10.48 and last traded at $10.3650. 11,098 shares changed hands during trading, a decline of 96% from the average daily volume of 252,207 shares. The stock had previously closed at $10.83.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 29th. Zacks Research cut American Coastal Insurance from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 21st. Finally, Wall Street Zen downgraded American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold”.

Read Our Latest Analysis on ACIC

American Coastal Insurance Price Performance

The business has a fifty day moving average of $10.76 and a 200-day moving average of $11.19. The stock has a market cap of $511.74 million, a PE ratio of 5.03, a price-to-earnings-growth ratio of 3.88 and a beta of -0.51.

American Coastal Insurance (NASDAQ:ACICGet Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). American Coastal Insurance had a return on equity of 32.26% and a net margin of 31.32%.The firm had revenue of $71.22 million for the quarter, compared to the consensus estimate of $75.78 million. As a group, equities research analysts predict that American Coastal Insurance Corporation will post 0.96 EPS for the current year.

Hedge Funds Weigh In On American Coastal Insurance

A number of large investors have recently added to or reduced their stakes in ACIC. JPMorgan Chase & Co. increased its position in American Coastal Insurance by 549.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company’s stock valued at $1,319,000 after buying an additional 100,365 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of American Coastal Insurance by 4,508.6% in the 2nd 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 last quarter. Quantbot Technologies LP increased its stake in shares of 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 acquiring an additional 28,622 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of American Coastal Insurance during the second quarter worth $767,000. Finally, Invesco Ltd. raised its holdings in shares of 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 last quarter. 22.11% of the stock is currently owned by institutional investors.

American Coastal Insurance Company Profile

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for American Coastal Insurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Coastal Insurance and related companies with MarketBeat.com's FREE daily email newsletter.