Heritage Insurance (NYSE:HRTG) Posts Quarterly Earnings Results, Misses Expectations By $0.34 EPS

Heritage Insurance (NYSE:HRTG) released its earnings results on Thursday. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34), FiscalAI reports. The firm had revenue of $212.66 million during the quarter, compared to analyst estimates of $215.39 million. Heritage Insurance had a net margin of 23.08% and a return on equity of 47.28%.

Heritage Insurance Trading Down 1.9%

Shares of Heritage Insurance stock traded down $0.55 during trading on Thursday, reaching $28.17. 379,352 shares of the company were exchanged, compared to its average volume of 280,625. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. Heritage Insurance has a twelve month low of $16.83 and a twelve month high of $31.98. The business has a 50-day moving average price of $27.37 and a 200-day moving average price of $27.06. The firm has a market capitalization of $854.96 million, a price-to-earnings ratio of 4.46 and a beta of 1.03.

Insider Buying and Selling

In related news, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction on Monday, April 20th. The stock was sold at an average price of $27.56, for a total transaction of $229,685.04. Following the completion of the sale, the chief executive officer directly owned 1,060,955 shares of the company’s stock, valued at $29,239,919.80. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction on Friday, May 1st. The stock was sold at an average price of $28.99, for a total value of $266,708.00. Following the sale, the chief accounting officer directly owned 123,988 shares of the company’s stock, valued at approximately $3,594,412.12. This trade represents a 6.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 130,918 shares of company stock valued at $3,446,606 over the last three months. Company insiders own 15.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Heritage Insurance by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after acquiring an additional 546 shares in the last quarter. Millennium Management LLC lifted its holdings in Heritage Insurance by 39.8% during the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after acquiring an additional 91,982 shares in the last quarter. Empowered Funds LLC lifted its holdings in Heritage Insurance by 8.4% during the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after acquiring an additional 9,728 shares in the last quarter. Strs Ohio bought a new position in Heritage Insurance during the first quarter worth about $127,000. Finally, JPMorgan Chase & Co. lifted its holdings in Heritage Insurance by 1,078.7% during the second quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock worth $3,514,000 after acquiring an additional 128,927 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Truist Financial lifted their target price on Heritage Insurance from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Citigroup reissued a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Zacks Research raised Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 11th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Heritage Insurance in a research note on Friday, March 27th. One investment 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, the company presently has an average rating of “Buy” and an average price target of $33.50.

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.