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

Renaissance Technologies LLC raised its position in American Coastal Insurance Corporation (NASDAQ:ACIC) by 18.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 539,257 shares of the company’s stock after purchasing an additional 84,300 shares during the period. Renaissance Technologies LLC owned about 1.11% of American Coastal Insurance worth $6,067,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in American Coastal Insurance by 549.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company’s stock valued at $1,319,000 after acquiring an additional 100,365 shares during the last quarter. Russell Investments Group Ltd. raised its position in American Coastal Insurance by 4,508.6% during the second 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 during the last quarter. Quantbot Technologies LP raised its position in American Coastal Insurance by 762.8% during the second quarter. Quantbot Technologies LP now owns 32,374 shares of the company’s stock worth $360,000 after acquiring an additional 28,622 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of American Coastal Insurance in the second quarter valued at about $767,000. Finally, Invesco Ltd. grew its position in shares of American Coastal Insurance by 9.7% in the second quarter. Invesco Ltd. now owns 19,674 shares of the company’s stock valued at $219,000 after purchasing an additional 1,736 shares during the last quarter. Institutional investors and hedge funds own 22.11% of the company’s stock.

American Coastal Insurance Stock Performance

ACIC stock opened at $11.03 on Wednesday. The stock has a market capitalization 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 company has a 50 day moving average price of $10.68 and a two-hundred day moving average price of $11.05.

American Coastal Insurance (NASDAQ:ACIC) last issued 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 business had revenue of $71.22 million for the quarter, compared to analysts’ expectations of $75.78 million. Research analysts forecast that American Coastal Insurance Corporation will post 0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.