Heritage Insurance (NYSE:HRTG) Issues Earnings Results, Beats Expectations By $0.80 EPS

Heritage Insurance (NYSE:HRTG) posted its earnings results on Wednesday. The insurance provider reported $2.05 earnings per share for the quarter, beating 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 business had revenue of $214.19 million for the quarter, compared to analysts’ expectations of $212.71 million.

Heritage Insurance Price Performance

Shares of HRTG traded up $0.43 during trading hours on Wednesday, hitting $30.23. The stock had a trading volume of 283,266 shares, compared to its average volume of 276,902. The stock has a market capitalization of $917.57 million, a price-to-earnings ratio of 4.64 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. The company’s fifty day moving average is $25.59 and its two-hundred day moving average is $25.95. Heritage Insurance has a 52 week low of $16.83 and a 52 week high of $31.98.

Insider Activity

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total transaction of $276,276.00. Following the sale, the chief accounting officer directly owned 96,388 shares of the company’s stock, valued at approximately $2,894,531.64. This represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting acquired 16,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average cost of $23.56 per share, with a total value of $376,960.00. Following the acquisition, the director owned 103,126 shares of the company’s stock, valued at approximately $2,429,648.56. This represents a 18.36% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 27,600 shares of company stock valued at $744,924 over the last three months. 9.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new stake in Heritage Insurance during the 2nd quarter worth approximately $205,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Heritage Insurance by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock valued at $196,000 after purchasing an additional 546 shares during the last quarter. New York State Common Retirement Fund raised its position in Heritage Insurance by 127.6% in the 2nd quarter. New York State Common Retirement Fund now owns 6,600 shares of the insurance provider’s stock valued at $165,000 after purchasing an additional 3,700 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Heritage Insurance by 77.2% in the third quarter. BNP Paribas Financial Markets now owns 5,379 shares of the insurance provider’s stock worth $135,000 after purchasing an additional 2,344 shares in the last quarter. Finally, Strs Ohio acquired a new position in Heritage Insurance in the first quarter worth $127,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings cut shares of Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Wall Street Zen lowered Heritage Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research raised Heritage Insurance from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Piper Sandler increased their target price on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Truist Financial cut their target price on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Three equities research 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 a consensus target price of $33.50.

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.