Zacks Investment Research Upgrades HCI Group (NYSE:HCI) to “Buy”

Zacks Investment Research upgraded shares of HCI Group (NYSE:HCIGet Rating) from a hold rating to a buy rating in a research note released on Thursday, Zacks.com reports. They currently have $76.00 price objective on the insurance provider’s stock.

According to Zacks, “HCI Group, Inc. is a holding company that conducts its business activities through its subsidiaries. It is engaged in diverse business activities, including property and casualty insurance, information technology, real estate and reinsurance. The company, through its largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides property and casualty insurance. Its insurance product includes property and casualty homeowners insurance, condominium-owners’ insurance and tenants insurance to individuals owning property. HCI Group, Inc., formerly known as Homeowners Choice, Inc., is headquartered in Tampa, Florida. “

Several other equities research analysts also recently commented on the stock. Truist Financial dropped their price objective on shares of HCI Group from $110.00 to $95.00 in a report on Wednesday, January 19th. StockNews.com upgraded HCI Group from a sell rating to a hold rating in a research report on Friday, March 25th.

HCI stock traded down $0.82 during midday trading on Thursday, reaching $68.50. 702 shares of the company’s stock traded hands, compared to its average volume of 63,288. The firm’s fifty day moving average price is $66.38 and its 200-day moving average price is $85.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.08 and a current ratio of 1.08. HCI Group has a 52 week low of $57.51 and a 52 week high of $139.80.

HCI Group (NYSE:HCIGet Rating) last posted its earnings results on Wednesday, May 4th. The insurance provider reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.25. HCI Group had a net margin of 0.46% and a return on equity of 0.60%. During the same period last year, the business posted $0.77 earnings per share. Analysts forecast that HCI Group will post 0.6 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 17th. Shareholders of record on Tuesday, May 17th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Monday, May 16th. HCI Group’s payout ratio is currently -421.05%.

In related news, Director Gregory Politis acquired 2,000 shares of the company’s stock in a transaction dated Tuesday, April 5th. The stock was purchased at an average price of $68.38 per share, with a total value of $136,760.00. Following the completion of the purchase, the director now owns 265 shares in the company, valued at approximately $18,120.70. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 24.71% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Morgan Stanley lifted its position in HCI Group by 114.9% during the second quarter. Morgan Stanley now owns 58,212 shares of the insurance provider’s stock valued at $5,788,000 after buying an additional 31,123 shares during the period. SG Americas Securities LLC purchased a new position in HCI Group during the third quarter valued at $272,000. Victory Capital Management Inc. lifted its position in HCI Group by 37.2% during the third quarter. Victory Capital Management Inc. now owns 16,749 shares of the insurance provider’s stock valued at $1,855,000 after buying an additional 4,538 shares during the period. Deutsche Bank AG lifted its position in HCI Group by 60.8% during the third quarter. Deutsche Bank AG now owns 5,436 shares of the insurance provider’s stock valued at $602,000 after buying an additional 2,055 shares during the period. Finally, Swiss National Bank lifted its position in HCI Group by 6.4% during the third quarter. Swiss National Bank now owns 15,000 shares of the insurance provider’s stock valued at $1,662,000 after buying an additional 900 shares during the period. 59.58% of the stock is owned by institutional investors.

About HCI Group (Get Rating)

HCI Group, Inc, together with its subsidiaries, engages in the property and casualty insurance, reinsurance, real estate, and information technology businesses in Florida. It provides residential insurance products, such as homeowners, fire, flood, and wind-only insurance to homeowners, condominium owners, and tenants for properties, as well as offers reinsurance programs.

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