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HCI, parent of Homeowners Choice Inc., hit by 19 percent drop in stock price

HCI Group Inc., the best-performing stock in the Tampa Bay area the past two years, had a rugged time in the markets Wednesday.

The Tampa-based parent of Homeowners Choice Inc. saw its stock plunge 19 percent the day after reporting fourth-quarter earnings that missed analysts' expectations.

The company reported net income of $1.31 a share for the quarter ended in December, 14 cents shy of estimates from analysts polled by Thomson Reuters. Quarterly revenue jumped 28 percent to $65.25 million, but that was about $3 million under estimates as well, according to TheStreet.

Driven by a growing book of homeowners insurance policies plus real estate and IT investments, HCI's stock rose nearly 170 percent in 2013 on top of a 116 percent gain the year before. That was more than any other public company based in the region both years.

HCI, parent of Homeowners Choice Inc., hit by 19 percent drop in stock price 03/05/14 [Last modified: Monday, March 10, 2014 11:18am]
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