Heritage Insurance Holdings, Inc. (NYSE:HRTG) Given Average Rating of “Buy” by Brokerages

Heritage Insurance Holdings, Inc. (NYSE:HRTG) has been assigned an average rating of “Buy” from the five brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $36.50.

HRTG has been the subject of several analyst reports. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th. Wall Street Zen raised Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Truist Financial increased their price target on Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Heritage Insurance in a report on Friday, August 7th. Finally, Piper Sandler boosted their price target on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th.

Insider Buying and Selling

In other Heritage Insurance news, CFO Kirk Lusk sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.16, for a total transaction of $341,600.00. Following the sale, the chief financial officer owned 492,522 shares of the company’s stock, valued at approximately $16,824,551.52. The trade was a 1.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Timothy Moura sold 15,104 shares of the company’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 transaction, the insider owned 144,941 shares in the company, valued at $4,709,133.09. The trade was a 9.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 71,204 shares of company stock worth $2,215,483 over the last ninety days. Company insiders own 9.20% of the company’s stock.

Institutional Trading of Heritage Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Heritage Insurance by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock worth $55,039,000 after purchasing an additional 234,296 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Heritage Insurance by 52.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider’s stock valued at $5,740,000 after buying an additional 75,339 shares during the last quarter. BlackRock Inc. acquired a new position in Heritage Insurance in the 2nd quarter worth approximately $60,842,000. Denali Advisors LLC purchased a new position in Heritage Insurance during the 4th quarter worth approximately $2,490,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Heritage Insurance during the 1st quarter worth approximately $2,212,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

Heritage Insurance Trading Up 2.0%

NYSE HRTG opened at $34.40 on Thursday. Heritage Insurance has a 52 week low of $20.48 and a 52 week high of $36.50. The company has a 50 day moving average price of $30.06 and a 200 day moving average price of $27.05. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.02 billion, a PE ratio of 4.90 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The company had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. As a group, sell-side analysts forecast that Heritage Insurance will post 5.5 EPS for the current fiscal year.

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.