American Coastal Insurance Corporation (NASDAQ:ACIC) Short Interest Update

American Coastal Insurance Corporation (NASDAQ:ACIC) was the target of a large growth in short interest in March. As of March 13th, there was short interest totaling 621,129 shares, a growth of 23.8% from the February 26th total of 501,782 shares. Approximately 2.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 246,075 shares, the days-to-cover ratio is presently 2.5 days.

Institutional Trading of American Coastal Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of ACIC. Punch & Associates Investment Management Inc. raised its stake in shares of American Coastal Insurance by 7.3% during the fourth quarter. Punch & Associates Investment Management Inc. now owns 776,400 shares of the company’s stock worth $9,806,000 after acquiring an additional 52,500 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of American Coastal Insurance by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 627,330 shares of the company’s stock valued at $7,923,000 after purchasing an additional 75,408 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of American Coastal Insurance by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 606,117 shares of the company’s stock valued at $6,741,000 after purchasing an additional 2,269 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of American Coastal Insurance by 12.2% during the 2nd quarter. American Century Companies Inc. now owns 548,953 shares of the company’s stock valued at $6,104,000 after purchasing an additional 59,907 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of American Coastal Insurance by 28.1% during the 4th quarter. Renaissance Technologies LLC now owns 454,957 shares of the company’s stock valued at $5,746,000 after purchasing an additional 99,900 shares during the last quarter. Hedge funds and other institutional investors own 22.11% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ACIC shares. Oppenheimer initiated coverage on shares of American Coastal Insurance in a report on Monday, January 12th. They issued a “market perform” rating on the stock. Weiss Ratings raised shares of American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 4th. Finally, Wall Street Zen cut shares of American Coastal Insurance from a “buy” rating to a “hold” rating in a research note on Monday. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

American Coastal Insurance Trading Down 0.5%

ACIC opened at $11.25 on Wednesday. The stock has a market capitalization of $547.43 million, a P/E ratio of 5.26, a PEG ratio of 2.55 and a beta of -0.61. The stock has a 50-day moving average price of $11.22 and a 200-day moving average price of $11.64. American Coastal Insurance has a 12-month low of $9.97 and a 12-month high of $13.06.

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.