Shares of American Coastal Insurance Corporation (ACIC) plummeted by 5.26% on Wednesday, despite the company reporting better-than-expected earnings results for the quarter ended January 1st.
ACIC reported adjusted earnings per share of $0.54, surpassing analyst estimates of $0.35. The company's revenue, however, missed expectations, coming in at $74.49 million compared to the consensus estimate of $84.51 million. Despite the mixed results, ACIC's net income for the quarter stood at an impressive $28.11 million.
The company's stock has been a standout performer, rising 18% during the quarter and gaining an impressive 40.6% so far this year. Analysts remain bullish on ACIC, with a consensus "buy" rating and a median price target of $15. The analyst community has also been raising their earnings estimates, with the mean estimate rising by about 40% in the last three months.
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