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.