Truist raised the firm’s price target on HCI Group to $112 from $96 and keeps a Buy rating on the shares. Looking ahead to the Florida-centric June 1st reinsurance renewal, there is good opportunity for reinsurance costs to be flat-to-down, which would position HCI to benefit from a potentially favorable arbitrage as it takes a year for primary rates to fully reflect updated reinsurance costs, the analyst tells investors in a research note.
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Read More on HCI:
- HCI Group to Redeem 4.25% Convertible Senior Notes
- Condo Owners Reciprocal Exchange, an HCI Group Sponsored Insurer, Secures ‘A’, Exceptional Rating From Demotech
- HCI Group assumes $30M of in-force premium from Citizens, consolidated up to $1B
- HCI Group Insurance Subsidiary Assumes $30 Million of In-Force Premium from Citizens, Consolidated In-Force Premium Reaches $1 Billion
- HCI Group Announces Closing of Public Offering Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares
