Heritage Insurance (NYSE:HRTG) Announces Quarterly Earnings Results, Beats Estimates By $0.80 EPS

Heritage Insurance (NYSE:HRTG) released its earnings results on Wednesday. The insurance provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.80, Zacks reports. Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. The firm had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million.

Heritage Insurance Stock Performance

NYSE HRTG traded up $0.43 during midday trading on Wednesday, hitting $30.23. The company had a trading volume of 283,266 shares, compared to its average volume of 276,902. The firm has a fifty day simple moving average of $25.59 and a two-hundred day simple moving average of $25.95. Heritage Insurance has a fifty-two week low of $16.83 and a fifty-two week high of $31.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15. The stock has a market cap of $917.57 million, a price-to-earnings ratio of 4.64 and a beta of 0.89.

Analysts Set New Price Targets

HRTG has been the topic of a number of recent analyst reports. Truist Financial dropped their price objective on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Weiss Ratings downgraded Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Piper Sandler raised their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Wall Street Zen downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Zacks Research raised Heritage Insurance from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Heritage Insurance presently has an average rating of “Moderate Buy” and an average target price of $33.50.

Insider Transactions at Heritage Insurance

In other news, Director Paul L. Whiting bought 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average cost of $23.56 per share, with a total value of $376,960.00. Following the completion of the transaction, the director directly owned 103,126 shares in the company, valued at $2,429,648.56. This represents a 18.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total value of $276,276.00. Following the transaction, the chief accounting officer owned 96,388 shares in the company, valued at $2,894,531.64. This represents a 8.71% 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. Insiders have sold 27,600 shares of company stock valued at $744,924 in the last ninety days. 9.20% of the stock is owned by company insiders.

Institutional Trading of Heritage Insurance

A number of hedge funds have recently modified their holdings of the company. Mangrove Partners IM LLC acquired a new position in shares of Heritage Insurance in the fourth quarter valued at $438,000. Janus Henderson Group PLC bought a new position in Heritage Insurance in the fourth quarter worth $354,000. Envestnet Asset Management Inc. acquired a new stake in Heritage Insurance during the third quarter worth $333,000. Man Group plc boosted its stake in Heritage Insurance by 16.0% during the fourth quarter. Man Group plc now owns 10,543 shares of the insurance provider’s stock worth $308,000 after buying an additional 1,457 shares in the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in Heritage Insurance in the 4th quarter valued at $230,000. Institutional investors own 59.03% of the company’s stock.

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.