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TAMPA --Â 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.
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