Heritage Insurance (NYSE:HRTG) Price Target Raised to $30.00

Heritage Insurance (NYSE:HRTG) had its target price increased by Truist Financial from $20.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

Separately, StockNews.com cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 18th.

Heritage Insurance Price Performance

Shares of NYSE:HRTG opened at $26.02 on Thursday. Heritage Insurance has a one year low of $6.14 and a one year high of $26.35. The stock has a market capitalization of $806.44 million, a price-to-earnings ratio of 10.41 and a beta of 0.95. The company has a 50-day simple moving average of $16.24 and a 200-day simple moving average of $13.29. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.46 by $0.53. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. The firm had revenue of $211.52 million during the quarter, compared to the consensus estimate of $213.68 million. On average, analysts predict that Heritage Insurance will post 1.86 EPS for the current year.

Insider Activity

In related news, Director Paul L. Whiting bought 10,000 shares of the stock in a transaction on Friday, March 14th. The shares were bought at an average cost of $13.35 per share, for a total transaction of $133,500.00. Following the completion of the transaction, the director now owns 79,576 shares of the company’s stock, valued at $1,062,339.60. This represents a 14.37 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ernie J. Garateix bought 5,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was bought at an average cost of $12.77 per share, with a total value of $63,850.00. Following the completion of the acquisition, the chief executive officer now owns 1,270,808 shares of the company’s stock, valued at $16,228,218.16. This represents a 0.40 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 21,000 shares of company stock valued at $280,450 in the last three months. 15.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Heritage Insurance during the 4th quarter valued at about $134,000. Exchange Traded Concepts LLC purchased a new position in shares of Heritage Insurance during the 4th quarter worth approximately $296,000. Empowered Funds LLC raised its position in shares of Heritage Insurance by 5.1% during the 4th quarter. Empowered Funds LLC now owns 115,131 shares of the insurance provider’s stock worth $1,393,000 after purchasing an additional 5,579 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Heritage Insurance by 222.2% in the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock valued at $35,000 after buying an additional 2,000 shares in the last quarter. Finally, Ieq Capital LLC acquired a new stake in Heritage Insurance during the 4th quarter valued at $303,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.