BidaskClub Downgrades Heritage Insurance Holdings, Inc. (NYSE:HRTG) to Buy

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Friday, November 3rd.

Several other equities research analysts have also issued reports on HRTG. TheStreet lowered shares of Heritage Insurance Holdings from a “b-” rating to a “c” rating in a research note on Friday, August 4th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $17.00 price objective on shares of Heritage Insurance Holdings in a research note on Thursday, September 21st. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $18.00 price objective on shares of Heritage Insurance Holdings in a research note on Tuesday, September 26th. Finally, Citigroup Inc. lifted their price objective on shares of Heritage Insurance Holdings from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, October 17th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $18.00.

Heritage Insurance Holdings (HRTG) traded up $0.26 during trading on Friday, hitting $17.00. 210,500 shares of the company’s stock traded hands, compared to its average volume of 314,083. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.97 and a current ratio of 0.97. Heritage Insurance Holdings has a 1 year low of $8.85 and a 1 year high of $17.31. The company has a market cap of $408.46, a PE ratio of 1,674.00 and a beta of 1.44.

Heritage Insurance Holdings (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, November 1st. The insurance provider reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.23). Heritage Insurance Holdings had a return on equity of 0.31% and a net margin of 0.27%. The company had revenue of $101.77 million for the quarter, compared to analysts’ expectations of $99.01 million. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. sell-side analysts expect that Heritage Insurance Holdings will post 0.73 EPS for the current fiscal year.

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In related news, President Richard A. Widdicombe acquired 16,500 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was bought at an average cost of $11.32 per share, with a total value of $186,780.00. Following the acquisition, the president now owns 775,612 shares of the company’s stock, valued at approximately $8,779,927.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought a total of 21,550 shares of company stock valued at $243,389 over the last ninety days. 16.10% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in Heritage Insurance Holdings by 26.1% in the second quarter. Dimensional Fund Advisors LP now owns 987,200 shares of the insurance provider’s stock worth $12,853,000 after purchasing an additional 204,088 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Heritage Insurance Holdings by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 863,752 shares of the insurance provider’s stock worth $11,247,000 after purchasing an additional 29,740 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Heritage Insurance Holdings by 262.8% in the third quarter. JPMorgan Chase & Co. now owns 679,600 shares of the insurance provider’s stock worth $8,944,000 after purchasing an additional 492,300 shares during the last quarter. Royce & Associates LP raised its stake in shares of Heritage Insurance Holdings by 2.8% during the second quarter. Royce & Associates LP now owns 630,700 shares of the insurance provider’s stock valued at $8,212,000 after acquiring an additional 17,200 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Heritage Insurance Holdings by 18.9% during the first quarter. AQR Capital Management LLC now owns 526,165 shares of the insurance provider’s stock valued at $6,719,000 after acquiring an additional 83,586 shares during the last quarter. 71.65% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Holdings Company Profile

Heritage Insurance Holdings, Inc (Heritage Insurance) is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company (Heritage P&C), it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.

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