Heritage Insurance (HRTG) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Heritage Insurance (NYSE:HRTG) from a sell rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. Through its subsidiary, Heritage Property & Casualty Insurance Company, the Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance Holdings, Inc. is based in Clearwater, Florida. “

Other equities analysts also recently issued reports about the company. Citigroup lowered their target price on Heritage Insurance from $17.00 to $16.50 and set a buy rating on the stock in a research report on Friday, October 12th. Sandler O’Neill reiterated a buy rating and set a $19.00 target price on shares of Heritage Insurance in a research report on Friday, August 3rd. Finally, ValuEngine downgraded Heritage Insurance from a hold rating to a sell rating in a research report on Thursday, August 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Heritage Insurance has an average rating of Buy and an average price target of $19.92.

NYSE HRTG traded down $0.61 on Wednesday, hitting $16.25. 150,794 shares of the company traded hands, compared to its average volume of 175,748. The company has a market capitalization of $432.26 million, a PE ratio of 10.62 and a beta of 1.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.81 and a current ratio of 0.78. Heritage Insurance has a 52-week low of $12.85 and a 52-week high of $19.15.

Heritage Insurance (NYSE:HRTG) last released its earnings results on Wednesday, October 31st. The insurance provider reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.36. The company had revenue of $125.30 million for the quarter, compared to the consensus estimate of $123.59 million. Heritage Insurance had a return on equity of 13.85% and a net margin of 3.92%. On average, sell-side analysts forecast that Heritage Insurance will post 1.18 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Saturday, December 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.24 annualized dividend and a yield of 1.48%. Heritage Insurance’s dividend payout ratio (DPR) is presently 15.69%.

In related news, CEO Bruce Lucas bought 9,300 shares of the stock in a transaction that occurred on Wednesday, November 7th. The shares were bought at an average cost of $16.07 per share, for a total transaction of $149,451.00. Following the completion of the transaction, the chief executive officer now owns 931,173 shares of the company’s stock, valued at $14,963,950.11. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased 21,302 shares of company stock worth $335,213 over the last quarter. 25.30% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of HRTG. Northern Trust Corp raised its holdings in Heritage Insurance by 3.9% during the first quarter. Northern Trust Corp now owns 232,245 shares of the insurance provider’s stock valued at $3,521,000 after acquiring an additional 8,694 shares during the period. Millennium Management LLC raised its holdings in Heritage Insurance by 110.1% during the first quarter. Millennium Management LLC now owns 117,457 shares of the insurance provider’s stock valued at $1,781,000 after acquiring an additional 61,545 shares during the period. Royal Bank of Canada raised its holdings in Heritage Insurance by 11.3% during the first quarter. Royal Bank of Canada now owns 448,459 shares of the insurance provider’s stock valued at $6,799,000 after acquiring an additional 45,678 shares during the period. Allianz Asset Management GmbH raised its holdings in Heritage Insurance by 53.2% during the first quarter. Allianz Asset Management GmbH now owns 54,084 shares of the insurance provider’s stock valued at $820,000 after acquiring an additional 18,770 shares during the period. Finally, Foundry Partners LLC raised its holdings in Heritage Insurance by 58.8% during the second quarter. Foundry Partners LLC now owns 478,880 shares of the insurance provider’s stock valued at $7,983,000 after acquiring an additional 177,280 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners; rental property insurance; and commercial residential insurance, as well as residential wind-only property insurance in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina.

See Also: Return on Investment (ROI)

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Analyst Recommendations for Heritage Insurance (NYSE:HRTG)

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