Gilford Securities Reiterates Buy On Homeowners Choice (HCII)

Gilford Securities is reiterating its Buy rating on shares of Homeowners Choice HCII after the company reported earnings. In a note to investors, Gilford writes, "Homeowners Choice reported 2011 Q1 EPS of $0.12 per share versus 2010 Q1 of $0.10 per share and our estimate of $0.18 per share. With only 6.6 million shares outstanding, the differential in terms of dollars on the quarter versus our estimate was less than $400,000. HCII added to their IBNR1 reserves as a result of the tornado activity during Q1 which spilled over into Florida, and that hit to earnings was approximately $800,000." At last check, shares of HCII were at $7.90, but have not traded yet today.