HCI Group, Inc. (NYSE: HCI) Notes Significant Decline in Overdraft Interest
HCI Group, Inc. (NYSE: HCI) was the target of a sharp drop in short-term interest rates in October. As of October 29, there was short interest totaling 443,800 shares, a decrease of 50.8% from the total of 901,800 shares as of October 14. Based on an average daily volume of 66,000 shares, the short-term interest rate is currently 6.7 days. Currently, 6.9% of the company’s shares are sold short.
A number of hedge funds have recently bought and sold stocks. Park West Asset Management LLC purchased a new stake in HCI Group during the third quarter valued at approximately $ 35,811,000. BNP Paribas Arbitrage SA strengthened its position in HCI Group by 129.5% during the third quarter. BNP Paribas Arbitrage SA now holds 6,703 shares of the insurer for a value of $ 742,000 after purchasing 3,782 additional shares during the period. Voloridge Investment Management LLC increased its position in HCI Group by 690.7% during the third quarter. Voloridge Investment Management LLC now owns 19,055 shares of the insurance provider valued at $ 2,111,000 after purchasing an additional 16,645 shares during the period. Centiva Capital LP acquired a new position in HCI Group during the third quarter valued at approximately $ 278,000. Finally, Point72 Asset Management LP strengthened its position in HCI Group by 12.2% during the third quarter. Point72 Asset Management LP now owns 218,643 shares of the insurance provider valued at $ 24,219,000 after purchasing an additional 23,843 shares during the period. Hedge funds and other institutional investors hold 62.10% of the company’s shares.
Several research analysts recently commented on the company. Truist Securities raised its price target on HCI Group from $ 93.00 to $ 110.00 and gave the company a “buy” rating in a research note on Monday, August 2. Zacks Investment Research downgraded the HCI group’s rating from a “hold” rating to a “sell” rating in a Wednesday, October 27th research note. Truist increased its price target on HCI Group from $ 93.00 to $ 110.00 and gave the company a “buy” rating in a research note on Monday, August 2. Finally, TheStreet downgraded HCI Group from a “b” rating to a “c +” rating in a Monday, November 8 research note. One research analyst rated the stock with a sell rating and three gave the company a buy rating. Based on MarketBeat data, HCI Group currently has a consensus rating of “Buy” and a consensus target price of $ 102.25.
HCI Group stock traded down $ 1.75 during the midday session on Wednesday, reaching $ 129.52. 1,248 shares of the stock traded for an average volume of 88,255. The company has a 50-day simple moving average of $ 122.58 and a 200-day simple moving average of $ 103.96. The HCI group has a 12-month low of $ 50.42 and a 12-month high of $ 139.80. The company has a market cap of $ 1.33 billion, a PE ratio of 211.73 and a beta of 0.76. The company has a current ratio of 1.11, a quick ratio of 1.33, and a debt ratio of 0.27.
HCI Group (NYSE: HCI) last reported its results on Monday, November 8. The insurance provider reported ($ 0.64) EPS for the quarter, missing analyst consensus estimates of ($ 0.08) by ($ 0.56). HCI Group had a net margin of 1.20% and a return on equity of 1.44%. During the same period of the previous year, the company earned ($ 1.42) per share. Equity research analysts predict that HCI Group will post earnings per share of 1.1 for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 17. Investors of record on Friday, November 19 will receive a dividend of $ 0.40 per share. This represents an annualized dividend of $ 1.60 and a return of 1.24%. The ex-dividend date is Thursday, November 18. The payout ratio of the HCI group is 258.06%.
HCI Group Company Profile
HCI Group, Inc operates in the fields of property and casualty insurance, reinsurance, real estate and information technology. It operates through the following segments: Insurance Operations, Real Estate and Businesses and others. The Insurance Operations segment consists of the P&C insurance division and the reinsurance division.
See also: Cost of debt
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