Empyrean Capital Partners LP Buys 186,487 Shares of American Coastal Insurance Corporation $ACIC

Empyrean Capital Partners LP lifted its position in American Coastal Insurance Corporation (NASDAQ:ACIC) by 19.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,126,987 shares of the company’s stock after buying an additional 186,487 shares during the quarter. Empyrean Capital Partners LP owned about 2.33% of American Coastal Insurance worth $12,679,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Punch & Associates Investment Management Inc. grew its stake in American Coastal Insurance by 4.2% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 808,705 shares of the company’s stock valued at $9,098,000 after buying an additional 32,305 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 valued at $8,439,000 after acquiring an additional 122,778 shares during the period. Sei Investments Co. grew its position in shares of American Coastal Insurance by 118.6% in the first quarter. Sei Investments Co. now owns 601,481 shares of the company’s stock valued at $6,767,000 after purchasing an additional 326,340 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of American Coastal Insurance by 18.5% in the first quarter. Renaissance Technologies LLC now owns 539,257 shares of the company’s stock valued at $6,067,000 after purchasing an additional 84,300 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of American Coastal Insurance by 433.8% in the first 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. 22.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ACIC has been the subject of several research analyst reports. Wall Street Zen cut American Coastal Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered American Coastal Insurance from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Finally, Zacks Research lowered American Coastal Insurance from a “hold” rating to a “strong sell” rating in a report on Thursday, May 21st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce”.

American Coastal Insurance Price Performance

NASDAQ ACIC opened at $10.41 on Tuesday. The company’s fifty day moving average is $10.68 and its two-hundred day moving average is $11.07. American Coastal Insurance Corporation has a 52-week low of $9.77 and a 52-week high of $13.06. The firm has a market capitalization of $504.47 million, a price-to-earnings ratio of 4.96, a P/E/G ratio of 3.57 and a beta of -0.51.

American Coastal Insurance (NASDAQ:ACIC) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). American Coastal Insurance had a net margin of 31.32% and a return on equity of 32.26%. The company had revenue of $71.22 million for the quarter, compared to analyst estimates of $75.78 million. As a group, sell-side analysts expect that American Coastal Insurance Corporation will post 0.96 earnings per share for the current fiscal 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.