Heritage Insurance (NYSE:HRTG) Price Target Cut to $36.00 by Analysts at Truist Financial

Heritage Insurance (NYSE:HRTG) had its price objective cut by Truist Financial from $39.00 to $36.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Truist Financial’s price target indicates a potential upside of 62.90% from the company’s previous close.

A number of other research firms have also weighed in on HRTG. Wall Street Zen lowered Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research raised Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 11th. Citigroup reissued a “market perform” rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Heritage Insurance in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $36.00.

Heritage Insurance Stock Down 1.4%

HRTG stock traded down $0.31 on Monday, reaching $22.10. 268,040 shares of the company traded hands, compared to its average volume of 326,873. Heritage Insurance has a one year low of $16.83 and a one year high of $31.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $670.74 million, a P/E ratio of 3.39 and a beta of 1.03. The firm has a fifty day simple moving average of $27.37 and a 200-day simple moving average of $27.06.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Thursday, May 7th. The insurance provider reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.34). Heritage Insurance had a net margin of 23.76% and a return on equity of 45.62%. The company had revenue of $212.66 million for the quarter, compared to the consensus estimate of $215.39 million. Research analysts anticipate that Heritage Insurance will post 4.7 earnings per share for the current year.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $28.99, for a total transaction of $266,708.00. Following the completion of the sale, the chief accounting officer owned 123,988 shares of the company’s stock, valued at approximately $3,594,412.12. The trade was a 6.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 24,769 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $25.76, for a total value of $638,049.44. Following the completion of the transaction, the insider owned 160,045 shares in the company, valued at $4,122,759.20. The trade was a 13.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 130,918 shares of company stock valued at $3,446,606. Company insiders own 15.20% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Several large investors have recently made changes to their positions in the business. Kestra Private Wealth Services LLC lifted its position in shares of Heritage Insurance by 1.9% in the first 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 in the last quarter. Royal Bank of Canada grew its stake in shares of Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after buying an additional 497 shares during the last quarter. Tudor Investment Corp ET AL grew its stake in shares of Heritage Insurance by 0.3% during the third quarter. Tudor Investment Corp ET AL now owns 186,380 shares of the insurance provider’s stock valued at $4,693,000 after buying an additional 503 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 valued at $196,000 after buying an additional 546 shares during the last quarter. Finally, Graham Capital Management L.P. grew its stake in shares of Heritage Insurance by 4.2% during the fourth quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider’s stock valued at $567,000 after buying an additional 789 shares during the last quarter. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

About Heritage Insurance

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.