Heritage Insurance Holdings, Inc. (NYSE:HRTG) Receives Consensus Rating of “Buy” from Brokerages

Heritage Insurance Holdings, Inc. (NYSE:HRTG) has been assigned an average rating of “Buy” from the five research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $36.50.

A number of analysts have recently commented on HRTG shares. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Truist Financial lifted their price target on Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen raised Heritage Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings restated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Finally, 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.

Insider Activity

In related news, CFO Kirk Lusk sold 10,000 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $16,824,551.52. This trade represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction 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 sale, the insider owned 144,941 shares in the company, valued at approximately $4,709,133.09. This represents a 9.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 71,204 shares of company stock valued at $2,215,483 in the last three months. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors and hedge funds have recently modified their holdings of HRTG. Corient Private Wealth LP acquired a new position in Heritage Insurance in the 2nd quarter worth about $1,091,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Heritage Insurance in the second quarter valued at approximately $960,000. California State Teachers Retirement System grew its holdings in Heritage Insurance by 3,509.9% in the second quarter. California State Teachers Retirement System now owns 841,549 shares of the insurance provider’s stock valued at $21,948,000 after purchasing an additional 818,237 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Heritage Insurance in the second quarter valued at approximately $272,000. Finally, Empowered Funds LLC purchased a new stake in shares of Heritage Insurance in the second quarter valued at approximately $4,230,000. Hedge funds and other institutional investors 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 1 year low of $20.48 and a 1 year high of $36.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $1.02 billion, a PE ratio of 4.90 and a beta of 0.92. The company has a fifty day moving average of $30.06 and a 200 day moving average of $27.05.

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