Punch & Associates Investment Management Inc. Grows Position in American Coastal Insurance Corporation $ACIC

Punch & Associates Investment Management Inc. boosted its position in American Coastal Insurance Corporation (NASDAQ:ACIC) by 7.3% during the 4th quarter, HoldingsChannel reports. The firm owned 776,400 shares of the company’s stock after purchasing an additional 52,500 shares during the period. Punch & Associates Investment Management Inc.’s holdings in American Coastal Insurance were worth $9,806,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of ACIC. Empowered Funds LLC boosted its position in American Coastal Insurance by 216.9% in the fourth quarter. Empowered Funds LLC now owns 269,899 shares of the company’s stock worth $3,206,000 after purchasing an additional 184,720 shares during the last quarter. Raymond James Financial Inc. boosted its position in American Coastal Insurance by 353.2% in the second quarter. Raymond James Financial Inc. now owns 229,123 shares of the company’s stock worth $2,548,000 after purchasing an additional 178,562 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in American Coastal Insurance in the second quarter worth about $1,268,000. Bridgeway Capital Management LLC purchased a new position in American Coastal Insurance in the third quarter worth about $1,255,000. Finally, JPMorgan Chase & Co. boosted its position in American Coastal Insurance by 549.9% in the second quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company’s stock worth $1,319,000 after purchasing an additional 100,365 shares during the last quarter. 22.11% of the stock is owned by hedge funds and other institutional investors.

American Coastal Insurance Stock Up 1.9%

NASDAQ ACIC opened at $10.56 on Wednesday. The stock’s 50-day moving average price is $11.03 and its 200-day moving average price is $11.38. American Coastal Insurance Corporation has a 52 week low of $9.80 and a 52 week high of $13.06. The company has a market capitalization of $511.78 million, a P/E ratio of 5.03, a price-to-earnings-growth ratio of 3.62 and a beta of -0.51.

American Coastal Insurance (NASDAQ:ACIC) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.39 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $75.78 million. Research analysts anticipate that American Coastal Insurance Corporation will post 0.95 EPS for the current year.

Wall Street Analyst Weigh In

ACIC has been the topic of several research reports. Wall Street Zen cut American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research cut American Coastal Insurance from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings raised American Coastal Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold”.

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.