Rhumbline Advisers has increased its holdings in HCI Group, Inc. by 14.3% during the second quarter of 2023, according to a report from Holdings Channel.com. The investment firm now owns a total of 25,404 shares, having acquired an additional 3,177 shares during the period. As of the most recent filing with the Securities and Exchange Commission, Rhumbline Advisers’ stake in HCI Group is valued at approximately $3.87 million.
Several other institutional investors have also adjusted their positions in HCI Group recently. Global Assets Advisory LLC established a new position during the second quarter, investing around $46,000. USA Financial Formulas significantly increased its stake by 250.0%, bringing its total to 518 shares valued at $79,000. In addition, Russell Investments Group Ltd. raised its holdings by an impressive 825.7% in the first quarter, now owning 648 shares valued at $97,000. GAMMA Investing LLC also boosted its stake by 24.5% during the second quarter, acquiring 742 shares valued at $113,000. Notably, 86.99% of HCI Group’s shares are currently held by institutional investors.
Analysts Adjust Ratings and Price Targets
Analysts have recently updated their ratings and price targets for HCI Group. Oppenheimer downgraded the stock from an “outperform” to a “market perform” rating on November 13, 2023. In contrast, Weiss Ratings reaffirmed a “buy (b)” rating, while Zacks Research upgraded HCI Group from a “hold” rating to a “strong-buy” rating on October 8, 2023. Citizens JMP raised its price target from $225.00 to $255.00, assigning a “market outperform” rating. Meanwhile, Truist Financial increased its target price from $190.00 to $235.00, maintaining a “buy” rating. Currently, one investment analyst has issued a Strong Buy rating, five have assigned a Buy rating, and one has given a Hold rating, resulting in an average rating of “Buy” and an average price target of $230.00, according to MarketBeat.
Current Trading and Financial Performance
As of the latest trading session, HCI Group’s stock opened at $170.09. The company has experienced significant fluctuations over the past year, with a low of $106.89 and a high of $210.50. HCI Group’s current ratio stands at 0.80, with a quick ratio also at 0.80 and a debt-to-equity ratio of 0.04. The firm boasts a market capitalization of $2.20 billion, a price-to-earnings ratio of 10.86, and a beta of 1.20.
HCI Group recently reported its earnings results on November 6, 2023, revealing earnings per share (EPS) of $4.90 for the quarter. This result exceeded the consensus estimate of $2.44 by $2.46. The company reported a return on equity of 31.18% and a net margin of 24.97%, with quarterly revenue reaching $216.35 million, slightly below the consensus estimate of $223.53 million. Analysts project that HCI Group will achieve earnings of $6.78 per share for the current fiscal year.
HCI Group has also announced a quarterly dividend of $0.40, payable on December 19, 2023. Shareholders of record on November 21, 2023, will receive this dividend, which represents an annualized dividend of $1.60 and a dividend yield of 0.9%. The company’s dividend payout ratio currently stands at 10.22%.
HCI Group, Inc., along with its subsidiaries, specializes in property and casualty insurance, insurance management, reinsurance, real estate, and information technology within Florida. The company offers a range of residential insurance products, including homeowners, fire, flood, and wind-only insurance, catering to homeowners, condominium owners, and tenants.
