HCI Group (NYSE:HCI) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded HCI Group from “hold” to “strong buy,” while the broader analyst consensus remains “buy” with an average price target of $241.67.
• HCI Group reported quarterly EPS of $5.60, beating estimates of $5.04, though revenue of $246.65 million came in slightly below expectations.
• The stock opened at $184.82, down 0.6%, and institutional investors own nearly 87% of the company; major investors including BlackRock recently established or expanded positions.

HCI Group (NYSE:HCI - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

A number of other analysts have also recently commented on HCI. Citigroup restated a "market outperform" rating on shares of HCI Group in a research report on Friday, August 7th. Truist Financial set a $235.00 target price on HCI Group in a research note on Thursday, October 1st. Weiss Ratings downgraded HCI Group from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Citizens Jmp raised their price target on HCI Group from $255.00 to $265.00 and gave the stock a "market outperform" rating in a research report on Friday, August 7th. Finally, Cantor Fitzgerald started coverage on HCI Group in a research report on Thursday, July 9th. They set an "overweight" rating and a $225.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $241.67.

HCI Group Stock Down 0.6%

HCI Group stock opened at $184.82 on Monday. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 7.97 and a beta of 1.05. The company's 50 day simple moving average is $183.50 and its 200 day simple moving average is $169.62. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.69 and a quick ratio of 0.69. HCI Group has a fifty-two week low of $144.75 and a fifty-two week high of $210.50.

HCI Group (NYSE:HCI - Get Free Report) last issued its earnings results on Thursday, August 6th. The insurance provider reported $5.60 EPS for the quarter, beating the consensus estimate of $5.04 by $0.56. The firm had revenue of $246.65 million during the quarter, compared to the consensus estimate of $247.43 million. HCI Group had a net margin of 32.60% and a return on equity of 28.80%. As a group, sell-side analysts anticipate that HCI Group will post 20.08 EPS for the current year.

Institutional Investors Weigh In On HCI Group

Several large investors have recently made changes to their positions in HCI. BlackRock Inc. acquired a new stake in shares of HCI Group during the 2nd quarter worth approximately $323,098,000. Freestone Grove Partners LP acquired a new position in shares of HCI Group during the 2nd quarter worth $30,766,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of HCI Group by 2,944.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 116,858 shares of the insurance provider's stock worth $18,067,000 after buying an additional 113,019 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of HCI Group during the 2nd quarter worth $17,422,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of HCI Group during the 2nd quarter worth $13,805,000. Institutional investors and hedge funds own 86.99% of the company's stock.

HCI Group Company Profile

HCI Group, Inc is a holding company headquartered in Tampa, Florida, that operates businesses in property and casualty insurance, real estate, and insurance-related technology. Its principal activities center on providing property insurance products for residential policyholders, with an emphasis on coverage for homeowners and other property owners.

HCI's insurance operations have historically served customers primarily in Florida and other U.S. markets through affiliated insurance companies, including Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company.

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