Thu Sep 19 08:59:38 UTC 2024: ## Arizona State Retirement System Boosts Investment in HCI Group

**Phoenix, AZ (MarketBeat News)** – The Arizona State Retirement System (ASRS) has increased its stake in HCI Group, Inc. (NYSE:HCI), a Florida-based property and casualty insurance provider, by 11.3% during the second quarter of 2024. This move comes amidst a broader trend of institutional investors showing interest in the company.

ASRS now owns 2,234 shares of HCI Group, valued at $206,000, after acquiring an additional 227 shares during the quarter. Other prominent investors, such as Quest Partners LLC, Gladius Capital Management LP, and CWM LLC, have also made significant investments in HCI Group during recent quarters.

HCI Group has been attracting attention from analysts as well. JMP Securities raised its price objective on the stock from $135.00 to $145.00, and gave it a “market outperform” rating. However, StockNews.com downgraded the stock from “buy” to “hold”. Overall, analysts have given HCI Group an average “Moderate Buy” rating with an average price target of $130.25.

The company reported strong earnings for the second quarter, exceeding analysts’ expectations. HCI Group reported earnings per share of $4.21, beating the consensus estimate of $3.58 by $0.63. The company also declared a quarterly dividend of $0.40 per share, representing an annualized dividend of $1.60 and a yield of 1.50%.

HCI Group continues to demonstrate its commitment to its core businesses of property and casualty insurance, reinsurance, real estate, and information technology. The company’s strong financial performance and the positive sentiment from institutional investors suggest a promising outlook for HCI Group in the near future.

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