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

Wall Street Zen downgraded shares of American Coastal Insurance (NASDAQ:ACIC) from a buy rating to a hold rating in a research report report published on Monday morning.

Several other equities research analysts also recently commented on the company. Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 4th. Oppenheimer started coverage on American Coastal Insurance in a report on Monday, January 12th. They set a “market perform” rating for the company. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

American Coastal Insurance Stock Up 1.6%

Shares of ACIC opened at $11.31 on Monday. The stock has a market cap of $550.34 million, a P/E ratio of 5.29, a P/E/G ratio of 2.51 and a beta of -0.61. The business’s 50 day moving average price is $11.22 and its 200-day moving average price is $11.63. American Coastal Insurance has a 52 week low of $9.97 and a 52 week high of $13.06.

Hedge Funds Weigh In On American Coastal Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACIC. Russell Investments Group Ltd. boosted 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 during the last quarter. Tower Research Capital LLC TRC raised 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 purchasing an additional 3,434 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of American Coastal Insurance during the fourth quarter valued at $65,000. State of Alaska Department of Revenue lifted its holdings in shares of American Coastal Insurance by 148.5% during the fourth quarter. State of Alaska Department of Revenue now owns 5,168 shares of the company’s stock valued at $65,000 after purchasing an additional 3,088 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of American Coastal Insurance during the second quarter valued at $59,000. 22.11% of the stock is owned by 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.