Breaking Finance News

TRADE ALERT- Gilford Securities Says Buy HCI Group (HCI)

In a note Friday, Gilford Securities upgraded HCI Group (NYSE: HCI) from “Neutral” to “Buy” and raised it’s price target from $37.50 to $44.50. In the note, the analyst said:

“Yesterday after the close HCI Group (Symbol: HCI) announced that the Homeowners Choice Property & Casualty Insurance subsidiary has been approved by the Florida Office of Insurance Regulation for a 50,373 policies from Citizens Property Insurance. Policy take-outs from Citizens have been central to the HCI growth plan. We would note that it is likely that the final number will be somewhat smaller than the 50k announced today as duplicate claims for policies among insurance firms competing for the same policy get randomly assigned. Last year HCI was approved for over 70k policies and at the end of the process ended up with 59k policies. We are not even positive that HCI will actually execute the take-out. But assuming they do, we can be assured that the take-out will be accretive to EPS, likely starting in 2013 Q4.”

Company Profile

HCI Group, Inc., an insurance holding company, provides property and casualty insurance in Florida. It offers property and casualty homeowners’ insurance, condominium-owners’ insurance, and tenants’ insurance to individuals owning property. HCI Group, Inc. provides its products and services primarily through independent agents. The company was formerly known as Homeowners Choice, Inc. and changed its name to HCI Group, Inc. in May 2013. HCI Group, Inc. was founded in 2006 and is headquartered in Tampa, Florida.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with's FREE daily email newsletter.