Norges Bank Takes $4.69 Million Position in HCI Group, Inc. $HCI

Norges Bank acquired a new position in HCI Group, Inc. (NYSE:HCI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 30,800 shares of the insurance provider’s stock, valued at approximately $4,688,000. Norges Bank owned 0.27% of HCI Group at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Global Assets Advisory LLC purchased a new position in HCI Group in the 2nd quarter worth approximately $46,000. USA Financial Formulas grew its holdings in shares of HCI Group by 250.0% in the second quarter. USA Financial Formulas now owns 518 shares of the insurance provider’s stock worth $79,000 after purchasing an additional 370 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of HCI Group by 825.7% in the first quarter. Russell Investments Group Ltd. now owns 648 shares of the insurance provider’s stock worth $97,000 after buying an additional 578 shares during the period. GAMMA Investing LLC increased its stake in shares of HCI Group by 24.5% in the second quarter. GAMMA Investing LLC now owns 742 shares of the insurance provider’s stock worth $113,000 after buying an additional 146 shares during the period. Finally, Simplex Trading LLC bought a new stake in HCI Group during the 1st quarter valued at $148,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on HCI shares. Weiss Ratings reissued a “buy (b)” rating on shares of HCI Group in a report on Monday. Citizens Jmp increased their target price on shares of HCI Group from $225.00 to $255.00 and gave the stock a “market outperform” rating in a report on Monday, November 10th. Oppenheimer cut HCI Group from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 13th. Wall Street Zen upgraded HCI Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Finally, Truist Financial increased their price objective on HCI Group from $190.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $230.00.

HCI Group Stock Up 2.0%

HCI stock opened at $173.36 on Wednesday. HCI Group, Inc. has a fifty-two week low of $106.89 and a fifty-two week high of $210.50. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 11.07 and a beta of 1.20. The business’s 50 day moving average price is $187.81 and its two-hundred day moving average price is $168.57. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.80 and a current ratio of 0.80.

HCI Group (NYSE:HCI) last released its quarterly earnings results on Thursday, November 6th. The insurance provider reported $4.90 earnings per share for the quarter, beating the consensus estimate of $2.44 by $2.46. The company had revenue of $216.35 million for the quarter, compared to analyst estimates of $223.53 million. HCI Group had a return on equity of 31.18% and a net margin of 24.97%. As a group, analysts forecast that HCI Group, Inc. will post 6.78 earnings per share for the current fiscal year.

HCI Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, November 21st will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, November 21st. HCI Group’s dividend payout ratio is 10.22%.

About HCI Group

HCI Group, Inc, together with its subsidiaries, engages in the property and casualty insurance, insurance management, 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.