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Homeowners Choice Inc. announced that it would pay its first-ever cash dividend on Dec. 20. Shareholders of record on Nov. 20 will receive $0.30 per share once the dividend is paid a month later.
The $0.30 dividend is composed of two parts: a $0.10 quarterly dividend, which the company plans to maintain into the future, and a special $0.20 annual dividend. That annual payout may change in the future, depending on the intensity of each year's hurricane season.
“When we began business back in 2007, we committed to our initial investors that we would seek to pay dividends,” explained Paresh Patel, chairman of the board at HCI. “I believe this dividend fulfills that commitment and, along with our continued share buyback plan, reflects the board's confidence in the company's future cash flows.”
Headquartered in Clearwater, the property and casualty insurance company opened in 2006. As of June 30, the company claimed $76.3 million in cash holdings on its balance sheet.
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