Heritage Insurance Holdings, Inc. (NYSE:HRTG) Receives Consensus Rating of “Buy” from Brokerages

Heritage Insurance Holdings, Inc. (NYSE:HRTG) has been assigned an average recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $36.50.

Several analysts have recently commented on HRTG shares. Piper Sandler increased their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, September 8th. Wall Street Zen raised Heritage Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Finally, Truist Financial lifted their target price on Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, August 6th.

Heritage Insurance Stock Up 0.3%

Shares of NYSE HRTG opened at $33.92 on Monday. Heritage Insurance has a 12-month low of $20.48 and a 12-month high of $36.50. The firm’s 50-day simple moving average is $33.23 and its 200 day simple moving average is $28.21. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 4.83 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The firm had revenue of $214.19 million during the quarter, compared to analysts’ expectations of $212.71 million. On average, research analysts expect that Heritage Insurance will post 5.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kirk Lusk sold 10,000 shares of Heritage Insurance stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.16, for a total value of $341,600.00. Following the completion of the sale, the chief financial officer directly owned 492,522 shares in the company, valued at $16,824,551.52. This trade represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Timothy Johns sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total value of $117,880.00. Following the sale, the insider directly owned 25,438 shares of the company’s stock, valued at $856,751.84. This represents a 12.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 77,069 shares of company stock valued at $2,578,235 over the last 90 days. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kestra Private Wealth Services LLC raised its position in shares of Heritage Insurance by 1.9% during the 1st quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider’s stock valued at $690,000 after acquiring an additional 489 shares during the last quarter. Optiver Holding B.V. lifted its stake in shares of Heritage Insurance by 510.0% in the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 1,173 shares during the period. Harbour Investments Inc. bought a new position in shares of Heritage Insurance in the 4th quarter worth $50,000. Pinnacle Holdings LLC bought a new position in shares of Heritage Insurance in the 2nd quarter worth $48,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Heritage Insurance by 23.1% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,264 shares of the insurance provider’s stock worth $296,000 after purchasing an additional 2,113 shares during the period. 59.03% of the stock is owned by institutional investors.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company focused primarily on residential property insurance. Through its operating subsidiaries, the company provides coverage for homeowners, condominium owners, renters, and other residential property owners, including protection against risks such as wind, storm, fire, and other covered losses.

Heritage has historically concentrated on catastrophe-exposed markets, particularly Florida and other coastal areas of the southeastern United States.