Comerica Bank Invests $473,000 in Health Insurance Innovations, Inc. (HIIQ)
Comerica Bank bought a new stake in shares of Health Insurance Innovations, Inc. (NASDAQ:HIIQ) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,484 shares of the financial services provider’s stock, valued at approximately $473,000. Comerica Bank owned 0.14% of Health Insurance Innovations at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in Health Insurance Innovations in the second quarter worth about $113,000. Nationwide Fund Advisors purchased a new stake in Health Insurance Innovations in the second quarter worth about $149,000. Chicago Equity Partners LLC purchased a new stake in Health Insurance Innovations in the third quarter worth about $158,000. First Trust Advisors LP purchased a new stake in Health Insurance Innovations in the third quarter worth about $171,000. Finally, Bank of New York Mellon Corp lifted its stake in Health Insurance Innovations by 11.5% in the first quarter. Bank of New York Mellon Corp now owns 12,270 shares of the financial services provider’s stock worth $197,000 after acquiring an additional 1,266 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.
HIIQ has been the subject of a number of research reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Health Insurance Innovations in a research note on Friday, September 1st. ValuEngine raised shares of Health Insurance Innovations from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research lowered shares of Health Insurance Innovations from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Health Insurance Innovations in a research note on Friday, September 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $30.86.
Health Insurance Innovations (NASDAQ:HIIQ) last announced its earnings results on Wednesday, November 1st. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.11. The business had revenue of $63.34 million during the quarter, compared to the consensus estimate of $59.30 million. Health Insurance Innovations had a net margin of 5.98% and a return on equity of 21.32%. The firm’s revenue was up 37.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. analysts predict that Health Insurance Innovations, Inc. will post 1.39 EPS for the current fiscal year.
Health Insurance Innovations declared that its Board of Directors has approved a share buyback program on Monday, October 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Health Insurance Innovations news, insider Sheldon Wang sold 4,530 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $32.73, for a total value of $148,266.90. Following the completion of the transaction, the insider now directly owns 224,894 shares in the company, valued at $7,360,780.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 30.00% of the company’s stock.
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Health Insurance Innovations Company Profile
Health Insurance Innovations, Inc is a developer, distributor and cloud-based administrator of individual and family health insurance plans (IFPs) and supplemental products, which include short-term medical (STM) insurance plans, and guaranteed-issue and underwritten hospital indemnity plans. The Company also develops, distributes and administers supplemental products, which include a range of additional insurance and non-insurance products, such as pharmacy benefit cards, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans, and life insurance policies that are purchased as supplements to IFP.
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