American Coastal Insurance (NASDAQ:ACIC) Downgraded by Wall Street Zen to “Hold”

American Coastal Insurance (NASDAQ:ACIC) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other brokerages also recently weighed in on ACIC. Weiss Ratings restated a “buy (b-)” rating on shares of American Coastal Insurance in a research report on Monday, December 29th. Oppenheimer initiated coverage on American Coastal Insurance in a research note on Monday, January 12th. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

American Coastal Insurance Stock Down 1.6%

NASDAQ ACIC opened at $11.07 on Friday. American Coastal Insurance has a 12-month low of $9.97 and a 12-month high of $13.50. The firm has a market cap of $539.77 million, a P/E ratio of 6.47, a price-to-earnings-growth ratio of 2.54 and a beta of -0.55. The company’s 50 day moving average is $12.03 and its 200-day moving average is $11.48.

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

Institutional Investors Weigh In On American Coastal Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its holdings in American Coastal Insurance by 67.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 198,485 shares of the company’s stock worth $2,261,000 after acquiring an additional 79,869 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of American Coastal Insurance by 110.8% in the third 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 during the period. PharVision Advisers LLC purchased a new stake in shares of American Coastal Insurance in the third quarter worth $420,000. Verition Fund Management LLC raised its position in shares of American Coastal Insurance by 142.1% during the 3rd quarter. Verition Fund Management LLC now owns 25,490 shares of the company’s stock valued at $290,000 after purchasing an additional 14,961 shares during the period. Finally, Quarry LP raised 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 valued at $68,000 after purchasing an additional 5,092 shares during the period. Hedge funds and other institutional investors own 22.11% of the company’s stock.

About American Coastal Insurance

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.