Heritage Insurance (NYSE:HRTG) Stock Rating Raised to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a strong-buy rating in a report released on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently issued reports on HRTG. Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Piper Sandler raised their price objective on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings raised shares of Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, September 8th. Raymond James Financial initiated coverage on shares of Heritage Insurance in a report on Friday. They set a “market perform” rating for the company. Finally, Truist Financial boosted their target price on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Heritage Insurance currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Heritage Insurance Stock Down 2.0%

Shares of HRTG opened at $35.87 on Friday. Heritage Insurance has a 52 week low of $20.48 and a 52 week high of $37.30. 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 company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 5.11 and a beta of 0.92. The stock’s 50-day moving average price is $34.18 and its 200-day moving average price is $28.80.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.25 by $0.80. The firm had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, sell-side analysts predict that Heritage Insurance will post 5.50 EPS for the current year.

Insider Buying and Selling at Heritage Insurance

In other news, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $32.49, for a total transaction of $490,728.96. Following the sale, the insider directly owned 144,941 shares in the company, valued at $4,709,133.09. This trade represents a 9.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sharon Binnun sold 6,565 shares of Heritage Insurance stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $33.81, for a total value of $221,962.65. Following the completion of the transaction, the chief accounting officer owned 80,623 shares of the company’s stock, valued at approximately $2,725,863.63. This represents a 7.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 77,069 shares of company stock worth $2,578,235. 9.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. grew its holdings in Heritage Insurance by 7.4% in the third quarter. Assenagon Asset Management S.A. now owns 282,917 shares of the insurance provider’s stock valued at $9,379,000 after purchasing an additional 19,596 shares during the period. Engineers Gate Manager LP increased its position in shares of Heritage Insurance by 308.0% in the second quarter. Engineers Gate Manager LP now owns 38,182 shares of the insurance provider’s stock valued at $996,000 after buying an additional 28,824 shares in the last quarter. Corient Private Wealth LP purchased a new stake in shares of Heritage Insurance in the second quarter valued at approximately $1,091,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Heritage Insurance during the 2nd quarter worth approximately $960,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Heritage Insurance during the 2nd quarter worth approximately $272,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company focused primarily on residential property insurance. Through its operating subsidiaries, the company provides coverage for homeowners, condominium owners, renters, and other residential property owners, including protection against risks such as wind, storm, fire, and other covered losses.

Heritage has historically concentrated on catastrophe-exposed markets, particularly Florida and other coastal areas of the southeastern United States.