HCI Group Inc (HCI) stock is soaring 7.39% in pre-market trading on Friday, following the release of its impressive first-quarter earnings report and positive analyst reactions. The property and casualty insurance company has significantly outperformed market expectations, demonstrating robust growth and financial strength.

HCI Group reported adjusted earnings of $5.28 per share for the quarter ended March 31, surpassing the mean analyst expectation of $4.85 per share. This represents a substantial increase from the $3.65 per share reported in the same quarter last year. The company's revenue also rose by 4.8% to $216.43 million, slightly above the analysts' forecast of $214.89 million. The strong performance has led to a quarterly net income of $69.68 million.

Following the earnings release, several analysts have upgraded their outlook on HCI Group. Truist Securities raised its price target on the stock to $190 from $155, maintaining a Buy rating. William Blair analyst Adam Klauber reiterated a Buy rating, citing the company's strong performance and strategic growth opportunities. The average analyst rating for HCI Group is now "buy," with a median 12-month price target of $165.00. The positive sentiment is further reinforced by the fact that there have been no negative revisions of earnings estimates in the last 30 days, and the mean earnings estimate has risen by about 19.3% over the past three months.