TAMPA, FL – HCI Group, Inc., a company specializing in fire, marine, and casualty insurance, has announced the award of cash bonuses to several of its top executive officers. The announcement comes as the company, currently valued at $1.19 billion, demonstrates strong financial health with a 48.73% revenue growth over the last twelve months. According to a recent 8-K filing with the Securities and Exchange Commission, the company's compensation committee approved the bonuses on Monday, recognizing the executives' contributions to advancing strategic initiatives throughout 2024.
Paresh Patel, HCI Group's Chief Executive Officer, received the highest bonus of $2.4 million. Other executives, including Chief Financial Officer James Mark Harmsworth, Chief Operating Officer Karin Coleman, and General Counsel Andrew L. Graham, were each awarded $250,000. Additionally, Anthony Saravanos, President of the Real Estate Division, received a bonus of $125,000.
The compensation committee cited the successful management of the company's response to Hurricanes Debby, Helene, and Milton in 2024 as a factor in their decision to award these bonuses. The company's well-planned and well-executed strategies during these events were highlighted as a testament to the effective leadership of the awarded executives.
HCI Group, formerly known as Homeowners Choice, Inc., has its principal executive offices located at 3802 Coconut Palm Drive, Tampa, Florida. The company's common stock is traded on the New York Stock Exchange under the ticker symbol HCI. According to InvestingPro analysis, HCI appears slightly overvalued at current levels, though it maintains an impressive track record of 15 consecutive years of dividend payments and trades at an attractive P/E ratio of 7.65.
In other recent news, HCI Group reported a pretax income of $14 million and diluted earnings per share of $0.52 for the third quarter of 2024. Despite facing hurricane-related claims, the company declared its 56th consecutive quarterly dividend of $0.40 per share. Truist Securities maintained a Buy rating and a price target of $145.00 for HCI Group, while Compass Point raised the price target to $126 from the previous $120, maintaining a Neutral rating.
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