HCI Group (NYSE:HCI) Cut to Market Perform at Oppenheimer

Oppenheimer downgraded shares of HCI Group (NYSE:HCI) from an outperform rating to a market perform rating in a research note published on Thursday morning, Marketbeat Ratings reports.

Several other research firms have also recently issued reports on HCI. Citizens Jmp raised their price target on shares of HCI Group from $225.00 to $255.00 and gave the stock a “market outperform” rating in a research note on Monday, November 10th. Wall Street Zen upgraded HCI Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Weiss Ratings restated a “buy (b-)” rating on shares of HCI Group in a report on Wednesday, October 8th. Zacks Research upgraded HCI Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Finally, Truist Financial raised their price target on HCI Group from $190.00 to $235.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $230.00.

HCI Group Price Performance

Shares of NYSE:HCI opened at $179.66 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.71 and a current ratio of 0.71. The business’s fifty day moving average price is $190.33 and its two-hundred day moving average price is $166.61. The stock has a market cap of $2.33 billion, a PE ratio of 15.93 and a beta of 1.16. HCI Group has a one year low of $106.03 and a one year high of $210.50.

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, topping analysts’ consensus estimates of $2.44 by $2.46. The company had revenue of $216.35 million during the quarter, compared to analysts’ expectations of $223.53 million. HCI Group had a return on equity of 25.84% and a net margin of 18.58%. On average, analysts forecast that HCI Group will post 6.78 EPS for the current fiscal year.

HCI Group Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its position in shares of HCI Group by 22.2% in the first quarter. Envestnet Asset Management Inc. now owns 8,886 shares of the insurance provider’s stock worth $1,326,000 after buying an additional 1,612 shares during the period. Cerity Partners LLC purchased a new position in HCI Group in the 1st quarter worth approximately $274,000. Bridgewater Advisors Inc. acquired a new stake in HCI Group in the first quarter valued at approximately $361,000. Victory Capital Management Inc. raised its stake in shares of HCI Group by 6.7% during the first quarter. Victory Capital Management Inc. now owns 22,897 shares of the insurance provider’s stock valued at $3,417,000 after purchasing an additional 1,443 shares during the period. Finally, Jackson Creek Investment Advisors LLC acquired a new position in shares of HCI Group during the first quarter worth $1,703,000. 86.99% of the stock is owned by hedge funds and other institutional investors.

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.