Heritage Insurance Holdings, Inc. (NYSE:HRTG) Stock Rated “Moderate Buy” by Wall Street Analysts

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) have been assigned an average rating of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $36.50.

A number of equities research analysts have recently issued reports on HRTG shares. Piper Sandler lifted their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Truist Financial boosted their price target on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Raymond James Financial started coverage on Heritage Insurance in a report on Friday, October 16th. They issued a “market perform” rating on the stock. Weiss Ratings upgraded Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, September 8th. Finally, Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th.

Insider Buying and Selling

In related news, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $33.91, for a total value of $311,972.00. Following the completion of the transaction, the chief accounting officer owned 87,188 shares of the company’s stock, valued at approximately $2,956,545.08. The trade was a 9.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 transaction of $490,728.96. Following the completion of the transaction, the insider directly owned 144,941 shares of the company’s stock, valued at approximately $4,709,133.09. This represents a 9.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 80,569 shares of company stock valued at $2,703,920. Company insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its position in Heritage Insurance by 1,597.8% in the third quarter. Sterling Capital Management LLC now owns 8,472 shares of the insurance provider’s stock valued at $281,000 after purchasing an additional 7,973 shares during the period. Inspire Investing LLC acquired a new position in shares of Heritage Insurance during the third quarter worth about $2,326,000. Nisa Investment Advisors LLC lifted its stake in shares of Heritage Insurance by 170.0% during the third quarter. Nisa Investment Advisors LLC now owns 6,393 shares of the insurance provider’s stock worth $212,000 after purchasing an additional 4,025 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Heritage Insurance by 7.4% during the third quarter. Assenagon Asset Management S.A. now owns 282,917 shares of the insurance provider’s stock worth $9,379,000 after purchasing an additional 19,596 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its stake in shares of Heritage Insurance by 308.0% during the second quarter. Engineers Gate Manager LP now owns 38,182 shares of the insurance provider’s stock worth $996,000 after purchasing an additional 28,824 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Stock Performance

Shares of NYSE HRTG opened at $36.23 on Friday. Heritage Insurance has a one year low of $20.48 and a one year high of $37.87. The company’s fifty day moving average is $34.68 and its two-hundred day moving average is $28.47.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.80. The company had revenue of $214.19 million during the quarter, compared to analysts’ expectations of $212.71 million. On average, equities analysts predict that Heritage Insurance will post 5.33 earnings per share for the current fiscal year.

Heritage Insurance Company Profile

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.