Florida insurer American Integrity slumps on secondary offering by top holder, CEO
American Integrity Insurance's AII.N shares down 5.8% at $19.56 early Thurs after $60 mln secondary offering priced
AII shares falling for fourth straight session and tracking ~21% weekly loss
Tampa, Florida-based residential property insurer late Weds said existing holders parted ways with 3 mln shares at $20, a 3.7% discount to last close
Co launched the offering late Mon
Real estate investor James Sowell offloaded ~2.7 mln shares, cutting his stake to 24.4%, and CEO Robert Ritchie sold 550,578 shares, per the final offering prospectus
AII, which has ~19.6 mln shares outstanding, went public on May 8 after ~6.9-mln-share IPO priced at $16
KBW, Piper Sandler, and William Blair are active joint bookrunners for the secondary offering, joined by passive bookrunners Citizens Capital Markets and Raymond James
5 of 6 analysts covering AII rate stock "strong buy" or "buy", 1 has "hold", their median PT is $27.50, per LSEG
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