Heritage Insurance (NYSE:HRTG) Hits New 12-Month High Following Better-Than-Expected Earnings

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $31.99 and last traded at $34.77, with a volume of 336 shares trading hands. The stock had previously closed at $30.23.

The insurance provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.80. The business had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%.

Analyst Ratings Changes

Several equities research analysts have recently commented on HRTG shares. Zacks Research raised shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Wall Street Zen cut shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Piper Sandler boosted their price objective on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Truist Financial lowered their price objective on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Finally, Weiss Ratings downgraded Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Heritage Insurance has an average rating of “Moderate Buy” and a consensus price target of $33.50.

Insiders Place Their Bets

In other news, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $30.03, for a total transaction of $276,276.00. Following the completion of the sale, the chief accounting officer directly owned 96,388 shares of the company’s stock, valued at $2,894,531.64. This trade represents a 8.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting bought 16,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $23.56 per share, for a total transaction of $376,960.00. Following the completion of the purchase, the director directly owned 103,126 shares in the company, valued at approximately $2,429,648.56. This trade represents a 18.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 27,600 shares of company stock valued at $744,924 in the last 90 days. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several large investors have recently modified their holdings of the stock. Kestra Private Wealth Services LLC boosted its stake in Heritage Insurance by 1.9% during the first quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider’s stock valued at $690,000 after buying an additional 489 shares during the period. Royal Bank of Canada increased its stake in Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of Heritage Insurance by 0.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 186,380 shares of the insurance provider’s stock valued at $4,693,000 after acquiring an additional 503 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Heritage Insurance by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock valued at $196,000 after acquiring an additional 546 shares in the last quarter. Finally, Graham Capital Management L.P. boosted its position in shares of Heritage Insurance by 4.2% during the 4th quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider’s stock valued at $567,000 after acquiring an additional 789 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Trading Up 13.9%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50-day moving average price of $25.59 and a 200-day moving average price of $25.95. The stock has a market cap of $1.04 billion, a P/E ratio of 5.13 and a beta of 0.89.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.