Heritage Insurance (NYSE:HRTG) Upgraded by StockNews.com to Strong-Buy

StockNews.com upgraded shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday.

Several other brokerages have also commented on HRTG. Piper Sandler upgraded Heritage Insurance from a neutral rating to an overweight rating and increased their price objective for the company from $9.00 to $13.00 in a report on Friday, August 9th. Truist Financial boosted their price target on Heritage Insurance from $11.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $10.67.

Heritage Insurance Trading Up 2.2 %

HRTG opened at $12.19 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The firm has a market cap of $373.45 million, a price-to-earnings ratio of 7.43 and a beta of 0.95. Heritage Insurance has a 12 month low of $5.03 and a 12 month high of $16.90. The stock has a fifty day moving average price of $13.44 and a 200-day moving average price of $10.27.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. The business had revenue of $203.57 million for the quarter, compared to analysts’ expectations of $196.81 million. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. During the same period last year, the business earned $0.32 EPS. As a group, equities research analysts anticipate that Heritage Insurance will post 1.93 earnings per share for the current fiscal year.

Insider Activity at Heritage Insurance

In other Heritage Insurance news, Chairman Richard A. Widdicombe purchased 4,437 shares of Heritage Insurance stock in a transaction on Friday, August 16th. The stock was bought at an average cost of $14.55 per share, with a total value of $64,558.35. Following the transaction, the chairman now owns 696,497 shares of the company’s stock, valued at $10,134,031.35. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Richard A. Widdicombe acquired 4,437 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was acquired at an average price of $14.55 per share, with a total value of $64,558.35. Following the acquisition, the chairman now directly owns 696,497 shares in the company, valued at $10,134,031.35. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ernie J. Garateix bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average cost of $8.59 per share, for a total transaction of $42,950.00. Following the completion of the acquisition, the chief executive officer now owns 1,072,584 shares of the company’s stock, valued at $9,213,496.56. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 14.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Heritage Insurance

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC boosted its position in Heritage Insurance by 8.1% during the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock worth $1,030,000 after purchasing an additional 7,203 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Heritage Insurance during the first quarter valued at $155,000. Fortis Capital Advisors LLC acquired a new position in shares of Heritage Insurance during the 1st quarter worth about $134,000. Kennedy Capital Management LLC purchased a new position in Heritage Insurance in the 1st quarter valued at about $663,000. Finally, Instrumental Wealth LLC increased its stake in Heritage Insurance by 109.1% during the 1st quarter. Instrumental Wealth LLC now owns 27,791 shares of the insurance provider’s stock worth $296,000 after buying an additional 14,500 shares in the last quarter. 59.03% 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 insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.