HCI Group, Inc. (HCI) Declares $0.35 Quarterly Dividend
HCI Group, Inc. (NYSE:HCI) announced a quarterly dividend on Tuesday, October 24th, Wall Street Journal reports. Investors of record on Friday, November 17th will be paid a dividend of 0.35 per share by the insurance provider on Friday, December 15th. This represents a $1.40 annualized dividend and a yield of 3.68%. The ex-dividend date is Thursday, November 16th.
HCI Group has decreased its dividend payment by an average of 1.8% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. HCI Group has a payout ratio of 823.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect HCI Group to earn $3.87 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 36.2%.
Shares of HCI Group (NYSE:HCI) traded up 0.53% during midday trading on Tuesday, reaching $38.03. 62,073 shares of the company traded hands. The company has a 50 day moving average price of $36.86 and a 200 day moving average price of $42.70. HCI Group has a 1-year low of $25.50 and a 1-year high of $50.93. The company has a market capitalization of $379.77 million, a PE ratio of 10.47 and a beta of 2.32.
HCI Group (NYSE:HCI) last issued its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.07. HCI Group had a net margin of 13.52% and a return on equity of 15.65%. The business had revenue of $67.58 million for the quarter, compared to analyst estimates of $64.33 million. During the same quarter in the prior year, the business posted $0.71 EPS. HCI Group’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, analysts expect that HCI Group will post $0.68 earnings per share for the current year.
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In related news, CEO Paresh Patel purchased 1,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were acquired at an average price of $36.06 per share, for a total transaction of $36,060.00. Following the purchase, the chief executive officer now owns 227,000 shares of the company’s stock, valued at approximately $8,185,620. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have acquired a total of 1,565 shares of company stock worth $56,894 in the last 90 days. 20.37% of the stock is currently owned by company insiders.
HCI has been the topic of a number of recent analyst reports. SunTrust Banks, Inc. initiated coverage on shares of HCI Group in a research note on Tuesday, July 4th. They set a “buy” rating and a $52.00 price target on the stock. Sidoti upgraded shares of HCI Group from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Monday, September 11th. TheStreet lowered shares of HCI Group from a “b-” rating to a “c” rating in a research note on Thursday, September 28th. ValuEngine lowered shares of HCI Group from a “buy” rating to a “hold” rating in a research note on Thursday, September 28th. Finally, Zacks Investment Research lowered shares of HCI Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $43.33.
About HCI Group
HCI Group, Inc (HCI) is an insurance holding company. The Company operates through four operating divisions: property and casualty insurance, reinsurance, investment real estate and information technology. Its operations include Insurance Operations and Other Operations. Its Insurance Operations include property and casualty insurance, and reinsurance.
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