American Coastal Insurance Corporation $ACIC Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in shares of American Coastal Insurance Corporation (NASDAQ:ACIC) by 67.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,485 shares of the company’s stock after purchasing an additional 79,869 shares during the quarter. JPMorgan Chase & Co. owned about 0.41% of American Coastal Insurance worth $2,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Invesco Ltd. increased its stake in American Coastal Insurance by 9.7% during the 2nd quarter. Invesco Ltd. now owns 19,674 shares of the company’s stock valued at $219,000 after purchasing an additional 1,736 shares in the last quarter. Russell Investments Group Ltd. increased its stake in American Coastal Insurance by 4,508.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,673 shares of the company’s stock valued at $30,000 after purchasing an additional 2,615 shares in the last quarter. Bank of America Corp DE increased its stake in shares of American Coastal Insurance by 19.4% in the third quarter. Bank of America Corp DE now owns 16,966 shares of the company’s stock worth $193,000 after acquiring an additional 2,762 shares during the period. First Trust Advisors LP increased its stake in shares of American Coastal Insurance by 4.4% in the second quarter. First Trust Advisors LP now owns 79,608 shares of the company’s stock worth $885,000 after acquiring an additional 3,343 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of American Coastal Insurance by 273.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,692 shares of the company’s stock worth $52,000 after acquiring an additional 3,434 shares during the period. Institutional investors and hedge funds own 22.11% of the company’s stock.

American Coastal Insurance Stock Performance

Shares of NASDAQ ACIC opened at $11.11 on Tuesday. The company’s fifty day moving average price is $11.21 and its 200 day moving average price is $11.64. American Coastal Insurance Corporation has a 1 year low of $9.97 and a 1 year high of $13.06. The company has a market capitalization of $540.61 million, a PE ratio of 5.19, a price-to-earnings-growth ratio of 2.47 and a beta of -0.59.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ACIC shares. Weiss Ratings upgraded shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Oppenheimer started coverage on shares of American Coastal Insurance in a research note on Monday, January 12th. They issued a “market perform” rating on the stock. Finally, Wall Street Zen upgraded shares of American Coastal Insurance from a “hold” rating to a “buy” rating in a research note on Tuesday. 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

American Coastal Insurance 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.