Homeowners Choice (HCI) said after close Tuesday that it earned $1.5 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $129 million, beating estimates by $7.9 million.
In the same quarter a year ago, the company earned $0.34 per share on revenue of $127 million.
The stock is up 16.81% to $59.00 after the report.
The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Homeowners Choice a Bullish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 58. Meanwhile, the average Wall Street analyst rated the stock a Buy.
HCI Group Inc is primarily engaged in the property and casualty insurance business through two Florida domiciled insurance companies, Homeowners Choice Property & Casualty Insurance Company (HCPCI) and TypTap Insurance Company (TypTap). Both HCPCI and TypTap are authorized to underwrite various homeowners' property and casualty insurance products and allied lines business in the state of Florida and other states. The operating segments of the group are HCPCI insurance operations, TypTap Group, Real estate operations, and Corporate and other. It derives key revenue from the HCPCI Insurance operation segment.
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Homeowners Choice Up 16.81% To $59.00 After Earnings Beat
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