Tower Research Capital LLC TRC bought a new position in shares of HCI Group Inc (NYSE:HCI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,402 shares of the insurance provider’s stock, valued at approximately $251,000.
Other hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. increased its stake in HCI Group by 33.9% during the third quarter. Victory Capital Management Inc. now owns 31,400 shares of the insurance provider’s stock worth $1,201,000 after acquiring an additional 7,950 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in HCI Group during the third quarter worth $590,000. Dimensional Fund Advisors LP increased its stake in HCI Group by 2.6% during the third quarter. Dimensional Fund Advisors LP now owns 832,371 shares of the insurance provider’s stock worth $31,838,000 after acquiring an additional 21,016 shares during the last quarter. OxFORD Asset Management LLP increased its stake in HCI Group by 7.8% during the third quarter. OxFORD Asset Management LLP now owns 62,644 shares of the insurance provider’s stock worth $2,382,000 after acquiring an additional 4,512 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in HCI Group by 24.5% during the third quarter. Ameriprise Financial Inc. now owns 129,152 shares of the insurance provider’s stock worth $4,939,000 after acquiring an additional 25,391 shares during the last quarter. 70.92% of the stock is owned by institutional investors.
In other news, Director Gregory Politis acquired 4,000 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was acquired at an average cost of $29.62 per share, with a total value of $118,480.00. Following the completion of the purchase, the director now owns 194,000 shares of the company’s stock, valued at approximately $5,746,280. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Paresh Patel acquired 1,000 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was purchased at an average cost of $30.30 per share, with a total value of $30,300.00. Following the completion of the purchase, the chief executive officer now directly owns 74,000 shares of the company’s stock, valued at approximately $2,242,200. The disclosure for this purchase can be found here. Insiders bought 7,000 shares of company stock valued at $208,720 over the last ninety days. Insiders own 20.37% of the company’s stock.
HCI Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, December 6th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Friday, February 16th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.94%. HCI Group’s payout ratio is presently -74.07%.
HCI has been the subject of several recent analyst reports. ValuEngine cut HCI Group from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Zacks Investment Research raised HCI Group from a “sell” rating to a “hold” rating in a research note on Monday, November 27th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $42.50.
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HCI Group Profile
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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