American Coastal Insurance Corporation (NASDAQ: ACIC), the insurance holding company of American Coastal Insurance Company, said on Wednesday that its Board of Directors had authorized a special cash dividend of $0.50 per share of common stock.
The dividend will be paid on January 10th to shareholders of record as of the close of business on January 2nd 2025, the company said.
Stock Performance
The shares of American Coastal Insurance Corporation (ACIC) closed 7.84% ($1.04) higher at $14.31 on Nasdaq on Wednesday, as they snapped a two-day streak of losses.
The shares went up as high as $15.08, or a level not seen since May 8th 2019.
The company’s total market cap now stands at $689.814 million.
The shares of American Coastal Insurance Corporation (ACIC) went up 792.45% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen another 51.27% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, the 1 surveyed investment analyst, offering 12-month price target for American Coastal Insurance Corp, had rated the stock as “Buy”. The median price target on the stock stands at $16.00, which translates into an 11.81% upside compared to the closing price on Wednesday.
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