Bank of New York Mellon Corp Makes New $13.80 Million Investment in HCI Group, Inc. $HCI

Key Points

• Bank of New York Mellon acquired 78,772 HCI Group shares worth approximately $13.8 million, giving it a 0.62% stake. Institutional investors collectively own nearly 87% of the insurer.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $241.67.
• HCI reported quarterly EPS of $5.60, beating estimates by $0.56, and declared a $0.40 quarterly dividend, equivalent to a 0.9% annual yield.

Bank of New York Mellon Corp acquired a new position in HCI Group, Inc. (NYSE:HCI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 78,772 shares of the insurance provider's stock, valued at approximately $13,805,000. Bank of New York Mellon Corp owned approximately 0.62% of HCI Group at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Freestone Grove Partners LP increased its stake in shares of HCI Group by 353.6% in the 4th quarter. Freestone Grove Partners LP now owns 275,108 shares of the insurance provider's stock valued at $52,735,000 after acquiring an additional 214,464 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of HCI Group by 2,944.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 116,858 shares of the insurance provider's stock valued at $18,067,000 after purchasing an additional 113,019 shares during the period. Danske Bank A S bought a new position in shares of HCI Group during the 3rd quarter worth about $19,256,000. Jacobs Levy Equity Management Inc. boosted its holdings in HCI Group by 129.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 125,399 shares of the insurance provider's stock worth $24,038,000 after acquiring an additional 70,662 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in shares of HCI Group by 46.8% during the second quarter. Balyasny Asset Management L.P. now owns 185,430 shares of the insurance provider's stock valued at $28,222,000 after acquiring an additional 59,134 shares in the last quarter. 86.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HCI shares. Cantor Fitzgerald initiated coverage on HCI Group in a research report on Thursday, July 9th. They set an "overweight" rating and a $225.00 target price on the stock. Wall Street Zen cut HCI Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Citigroup reiterated a "market outperform" rating on shares of HCI Group in a research note on Friday, August 7th. Citizens Jmp increased their target price on shares of HCI Group from $255.00 to $265.00 and gave the company a "market outperform" rating in a report on Friday, August 7th. Finally, Zacks Research cut HCI Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $241.67.

HCI Group Stock Up 1.1%

HCI stock opened at $187.70 on Wednesday. The stock has a 50-day simple moving average of $181.08 and a two-hundred day simple moving average of $166.14. The firm has a market capitalization of $2.33 billion, a PE ratio of 8.09 and a beta of 1.03. HCI Group, Inc. has a twelve month low of $144.75 and a twelve month high of $210.50. 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 (NYSE:HCI - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The insurance provider reported $5.60 EPS for the quarter, beating analysts' consensus estimates of $5.04 by $0.56. HCI Group had a net margin of 32.60% and a return on equity of 28.80%. The firm had revenue of $246.65 million during the quarter, compared to analyst estimates of $247.43 million. On average, equities analysts predict that HCI Group, Inc. will post 19.47 EPS for the current fiscal year.

HCI Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 21st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.9%. HCI Group's dividend payout ratio is presently 6.90%.

About HCI Group

HCI Group, Inc NYSE: HCI is a holding company whose principal business is the underwriting and issuance of property and casualty insurance through its insurance subsidiaries. Headquartered in Jacksonville, Florida, the company focuses primarily on personal-line insurance products, writing homeowners, condominium, renters and mobile home policies. HCI Group also offers wind-only and flood coverage in coastal regions across the state, providing tailored solutions to both coastal and non-coastal communities.

The company distributes its insurance products through a network of independent agents and brokers, leveraging local market expertise to assess risk and deliver personalized service.

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