HCI pays extra $1.2M dividend

TAMPA -- Homeowners Choice Inc. (symbol: HCII) will pay its shareholders an additional $1.2 million in dividends over the next year compared with its 2011 payouts.

The Tampa-based home insurer announced this week that it would increase its dividend to 15 cents a share, up from 10 cents in November. With roughly 6.18 million shares of its stock outstanding, the increase represents a payout increase of more than $1.2 million over a full year.

At its current price of about $8.50, the new dividend represents an annual dividend yield of 7%. The company showed $62 million in cash holdings on its latest statement.

Paresh Patel is CEO of Homeowners Choice. The Tampa-based firm is headquartered on Cypress Street.