Renaissance Technologies LLC Grows Position in American Coastal Insurance Corporation $ACIC

Renaissance Technologies LLC raised its stake in shares of American Coastal Insurance Corporation (NASDAQ:ACIC) by 18.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 539,257 shares of the company’s stock after purchasing an additional 84,300 shares during the quarter. Renaissance Technologies LLC’s holdings in American Coastal Insurance were worth $6,067,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ACIC. Punch & Associates Investment Management Inc. grew its stake in shares of American Coastal Insurance by 7.3% during the 4th quarter. Punch & Associates Investment Management Inc. now owns 776,400 shares of the company’s stock valued at $9,806,000 after buying an additional 52,500 shares during the period. Dimensional Fund Advisors LP increased its stake in American Coastal Insurance by 19.6% during the first quarter. Dimensional Fund Advisors LP now owns 750,108 shares of the company’s stock worth $8,439,000 after acquiring an additional 122,778 shares during the last quarter. Sei Investments Co. increased its stake in American Coastal Insurance by 118.6% during the first quarter. Sei Investments Co. now owns 601,481 shares of the company’s stock worth $6,767,000 after acquiring an additional 326,340 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of American Coastal Insurance by 433.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 317,891 shares of the company’s stock worth $3,576,000 after purchasing an additional 258,344 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of American Coastal Insurance by 5.0% in the 3rd quarter. Millennium Management LLC now owns 277,718 shares of the company’s stock valued at $3,163,000 after purchasing an additional 13,297 shares in the last quarter. Hedge funds and other institutional investors own 22.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ACIC. Zacks Research cut American Coastal Insurance from a “hold” rating to a “strong sell” rating in a report on Thursday, May 21st. Weiss Ratings downgraded shares of American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen downgraded shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce”.

American Coastal Insurance Stock Performance

Shares of NASDAQ:ACIC opened at $11.03 on Wednesday. The company has a market cap of $534.51 million, a P/E ratio of 5.25, a PEG ratio of 3.79 and a beta of -0.47. American Coastal Insurance Corporation has a one year low of $9.77 and a one year high of $13.06. The business’s 50-day simple moving average is $10.68 and its 200 day simple moving average is $11.05.

American Coastal Insurance (NASDAQ:ACIC) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.39 earnings per share 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 company had revenue of $71.22 million during the quarter, compared to analysts’ expectations of $75.78 million. Analysts predict that American Coastal Insurance Corporation will post 0.96 earnings per share for the current year.

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.