Wall Street Zen Downgrades American Coastal Insurance (NASDAQ:ACIC) to Hold
by Sarita Garza · The Markets DailyAmerican Coastal Insurance (NASDAQ:ACIC – Get Free Report) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
Several other research analysts have also recently commented on the company. Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Oppenheimer assumed coverage on American Coastal Insurance in a research report on Monday, January 12th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.
View Our Latest Analysis on ACIC
American Coastal Insurance Stock Down 0.5%
NASDAQ:ACIC opened at $11.25 on Monday. American Coastal Insurance has a 52 week low of $9.97 and a 52 week high of $13.06. The company has a fifty day simple moving average of $11.22 and a two-hundred day simple moving average of $11.64. The company has a market cap of $547.43 million, a price-to-earnings ratio of 5.26, a price-to-earnings-growth ratio of 2.55 and a beta of -0.61.
Institutional Investors Weigh In On American Coastal Insurance
Several institutional investors have recently modified their holdings of ACIC. Geode Capital Management LLC grew its stake in shares of American Coastal Insurance by 0.4% during the second quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock worth $6,741,000 after purchasing an additional 2,269 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in 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 buying an additional 100,365 shares during the last quarter. American Century Companies Inc. lifted its holdings in American Coastal Insurance by 12.2% during the 2nd quarter. American Century Companies Inc. now owns 548,953 shares of the company’s stock worth $6,104,000 after buying an additional 59,907 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of 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 worth $30,000 after acquiring an additional 2,615 shares in the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of American Coastal Insurance by 762.8% during the 2nd quarter. Quantbot Technologies LP now owns 32,374 shares of the company’s stock worth $360,000 after acquiring an additional 28,622 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.