Homeowners Choice Inc (HCI) Shares Bought by Municipal Employees Retirement System of Michigan

Municipal Employees Retirement System of Michigan increased its position in shares of Homeowners Choice Inc (NYSE:HCI) by 155.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,850 shares of the insurance provider’s stock after acquiring an additional 4,780 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Homeowners Choice were worth $235,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. purchased a new position in Homeowners Choice in the 3rd quarter worth about $202,000. First Trust Advisors LP purchased a new position in Homeowners Choice in the 3rd quarter worth about $244,000. Ellington Management Group LLC purchased a new position in Homeowners Choice in the 4th quarter worth about $209,000. Virtu Financial LLC purchased a new position in Homeowners Choice in the 4th quarter worth about $248,000. Finally, Tower Research Capital LLC TRC purchased a new position in Homeowners Choice in the 4th quarter worth about $251,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of NYSE:HCI opened at $38.16 on Friday. Homeowners Choice Inc has a 1-year low of $27.11 and a 1-year high of $49.25. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.23.

Homeowners Choice (NYSE:HCI) last issued its quarterly earnings results on Tuesday, March 6th. The insurance provider reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.32. Homeowners Choice had a negative return on equity of 3.21% and a negative net margin of 2.82%. The firm had revenue of $61.62 million for the quarter, compared to analysts’ expectations of $62.98 million. During the same quarter last year, the business posted $0.47 EPS. Homeowners Choice’s revenue was down 14.9% on a year-over-year basis. sell-side analysts anticipate that Homeowners Choice Inc will post 3.73 earnings per share for the current fiscal year.

Homeowners Choice declared that its board has authorized a stock buyback plan on Wednesday, December 6th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 16th. Shareholders of record on Friday, February 16th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.40 annualized dividend and a yield of 3.67%. Homeowners Choice’s dividend payout ratio (DPR) is presently -186.67%.

A number of equities analysts recently weighed in on the company. TheStreet cut Homeowners Choice from a “b-” rating to a “c” rating in a research note on Wednesday, March 21st. Zacks Investment Research cut Homeowners Choice from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Finally, ValuEngine raised Homeowners Choice from a “sell” rating to a “hold” rating in a research note on Thursday, March 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $44.00.

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About Homeowners Choice

HCI Group, Inc primarily engages in the property and casualty insurance business in Florida. It provides property and casualty insurance to homeowners, condominium owners, and tenants; and reinsurance. The company also owns and operates one full-service restaurant, two marinas, two retail shopping centers, and one office building.

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Institutional Ownership by Quarter for Homeowners Choice (NYSE:HCI)

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