Heritage Insurance (NYSE:HRTG) Posts Quarterly Earnings Results, Beats Expectations By $0.79 EPS

Heritage Insurance (NYSE:HRTG) announced its quarterly earnings results on Wednesday. The insurance provider reported $1.72 EPS for the quarter, beating the consensus estimate of $0.93 by $0.79, FiscalAI reports. Heritage Insurance had a return on equity of 40.67% and a net margin of 25.07%. The business had revenue of $219.24 million for the quarter, compared to analyst estimates of $217.34 million.

Heritage Insurance Trading Down 2.8%

Shares of NYSE HRTG traded down $1.00 during midday trading on Friday, reaching $35.14. 211,409 shares of the stock were exchanged, compared to its average volume of 342,341. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 4.94 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day simple moving average of $34.76 and a two-hundred day simple moving average of $28.55. Heritage Insurance has a 12 month low of $20.48 and a 12 month high of $37.87.

Insiders Place Their Bets

In other Heritage Insurance news, insider Timothy Johns sold 3,500 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total transaction of $117,880.00. Following the completion of the sale, the insider owned 25,438 shares of the company’s stock, valued at $856,751.84. This trade represents a 12.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 15,104 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $32.49, for a total value of $490,728.96. Following the completion of the sale, the insider owned 144,941 shares of the company’s stock, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,569 shares of company stock valued at $2,703,920 in the last quarter. Company insiders own 9.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on HRTG. Weiss Ratings raised shares of Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 8th. Piper Sandler increased their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded Heritage Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Truist Financial increased their price objective on shares of Heritage Insurance from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Friday. Finally, Zacks Research lowered Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.50.

About Heritage Insurance

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

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.