Bank of America Corp DE Makes New Investment in HCI Group, Inc. $HCI

Key Points

• Bank of America acquired 99,412 HCI Group shares worth approximately $17.4 million in the second quarter, giving it a 0.8% stake. Institutional investors collectively own 86.99% of HCI.
• HCI reported quarterly EPS of $5.60, exceeding analysts’ $5.04 estimate, while revenue of $246.65 million was slightly below consensus. The company posted a 28.8% return on equity and a 32.6% net margin.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds, an average “Moderate Buy” rating, and a consensus price target of $241.67 versus the reported $176.96 share price. HCI also pays a quarterly dividend of $0.40, yielding about 0.9%.

Bank of America Corp DE bought a new position in HCI Group, Inc. (NYSE:HCI - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 99,412 shares of the insurance provider's stock, valued at approximately $17,422,000. Bank of America Corp DE owned 0.80% of HCI Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in HCI Group during the 2nd quarter worth about $719,000. Meeder Asset Management Inc. bought a new stake in shares of HCI Group in the 2nd quarter valued at about $2,777,000. Intech Investment Management LLC raised its holdings in shares of HCI Group by 934.5% in the 4th quarter. Intech Investment Management LLC now owns 44,257 shares of the insurance provider's stock valued at $8,484,000 after purchasing an additional 39,979 shares in the last quarter. Walleye Capital LLC purchased a new stake in shares of HCI Group in the 2nd quarter worth approximately $1,317,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of HCI Group in the 1st quarter worth approximately $2,302,000. Institutional investors own 86.99% of the company's stock.

HCI Group Price Performance

Shares of HCI opened at $176.96 on Friday. The company has a 50 day moving average of $183.16 and a two-hundred day moving average of $168.64. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.03. HCI Group, Inc. has a twelve month low of $144.75 and a twelve month high of $210.50. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 7.63 and a beta of 1.03.

HCI Group (NYSE:HCI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The insurance provider reported $5.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.04 by $0.56. HCI Group had a return on equity of 28.80% and a net margin of 32.60%.The business had revenue of $246.65 million for the quarter, compared to the consensus estimate of $247.43 million. As a group, analysts predict that HCI Group, Inc. will post 20.08 earnings per share for the current fiscal year.

HCI Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 21st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, August 21st. HCI Group's dividend payout ratio (DPR) is presently 6.90%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Citigroup reissued a "market outperform" rating on shares of HCI Group in a report on Friday, August 7th. Cantor Fitzgerald initiated coverage on HCI Group in a report on Thursday, July 9th. They set an "overweight" rating and a $225.00 target price for the company. Citizens Jmp increased their target price on HCI Group from $255.00 to $265.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. Weiss Ratings downgraded HCI Group from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Finally, Zacks Research lowered HCI Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, HCI Group presently has an average rating of "Moderate Buy" and an average target price of $241.67.

HCI Group Company Profile

HCI Group, Inc is a diversified insurance holding company headquartered in Tampa, Florida. The company's primary business is property and casualty insurance, with a focus on homeowners and residential property coverage. Its insurance operations serve policyholders in Florida and other states, subject to regulatory approvals and market availability.

HCI's insurance subsidiaries include Homeowners Choice Property & Casualty Insurance Company, which provides property insurance, and TypTap Insurance Company, a technology-focused insurer offering homeowners and related coverage.

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