Squarepoint Ops LLC Makes New $741,000 Investment in American Coastal Insurance Corporation $ACIC

Squarepoint Ops LLC acquired a new stake in shares of American Coastal Insurance Corporation (NASDAQ:ACIC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 66,665 shares of the company’s stock, valued at approximately $741,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James Financial Inc. increased its position in shares of American Coastal Insurance by 353.2% during the 2nd quarter. Raymond James Financial Inc. now owns 229,123 shares of the company’s stock valued at $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 during the second quarter worth $1,268,000. JPMorgan Chase & Co. boosted its stake in American Coastal Insurance by 549.9% during the second quarter. JPMorgan Chase & Co. now owns 118,616 shares of the company’s stock worth $1,319,000 after buying an additional 100,365 shares during the period. Bastion Asset Management Inc. increased its position in American Coastal Insurance by 24.5% during the second quarter. Bastion Asset Management Inc. now owns 373,073 shares of the company’s stock valued at $4,336,000 after acquiring an additional 73,389 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of American Coastal Insurance in the second quarter valued at $767,000. Hedge funds and other institutional investors own 22.11% of the company’s stock.

American Coastal Insurance Trading Down 1.3%

NASDAQ ACIC opened at $12.71 on Wednesday. The stock has a market cap of $619.74 million, a PE ratio of 7.43 and a beta of -0.49. American Coastal Insurance Corporation has a 12 month low of $9.97 and a 12 month high of $13.78. The company’s 50-day moving average price is $12.07 and its 200-day moving average price is $11.33.

American Coastal Insurance (NASDAQ:ACIC) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.61 earnings per share (EPS) for the quarter. The company had revenue of $0.09 million during the quarter. American Coastal Insurance had a net margin of 25.95% and a return on equity of 30.06%.

American Coastal Insurance Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, January 9th. Investors of record on Friday, January 2nd will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, January 2nd.

Analysts Set New Price Targets

A number of research firms recently commented on ACIC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of American Coastal Insurance in a research note on Monday. Wall Street Zen raised shares of American Coastal Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy”.

American Coastal Insurance 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.