Heritage Insurance (NYSE:HRTG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently issued reports on HRTG. Citigroup reiterated a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Finally, Truist Financial lifted their price objective on Heritage Insurance from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $33.50.

Heritage Insurance Trading Up 4.9%

NYSE HRTG opened at $28.11 on Wednesday. Heritage Insurance has a 12 month low of $11.87 and a 12 month high of $31.98. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $868.82 million, a P/E ratio of 4.45 and a beta of 0.95. The company has a 50-day moving average of $26.25 and a 200-day moving average of $26.27.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.54. Heritage Insurance had a net margin of 23.08% and a return on equity of 51.04%. The company had revenue of $215.32 million during the quarter, compared to analyst estimates of $212.60 million. As a group, equities analysts predict that Heritage Insurance will post 1.86 earnings per share for the current year.

Insiders Place Their Bets

In other Heritage Insurance news, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $24.12, for a total value of $201,016.08. Following the sale, the chief executive officer owned 1,120,170 shares of the company’s stock, valued at approximately $27,018,500.40. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 25,002 shares of company stock valued at $663,636 in the last ninety days. 15.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of HRTG. Advisory Services Network LLC purchased a new position in shares of Heritage Insurance during the third quarter valued at about $25,000. Financial Management Professionals Inc. purchased a new position in Heritage Insurance during the third quarter valued at approximately $26,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Heritage Insurance in the fourth quarter worth about $31,000. Royal Bank of Canada increased its holdings in shares of Heritage Insurance by 72.6% in the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 497 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Heritage Insurance in the third quarter valued at approximately $36,000. 59.03% of the stock is currently owned by institutional investors.

Heritage Insurance Company Profile

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.