Heritage Insurance Holdings, Inc. (NYSE:HRTG) Stock Rated “Buy” by Wall Street Analysts

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

Several equities analysts recently commented on HRTG shares. Truist Financial increased their target price on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings raised Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 8th. Piper Sandler boosted their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Wall Street Zen raised Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th.

Insider Buying and Selling at Heritage Insurance

In other news, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $33.91, for a total transaction of $311,972.00. Following the transaction, the chief accounting officer directly owned 87,188 shares in the company, valued at approximately $2,956,545.08. This trade represents a 9.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie Garateix sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $34.88, for a total value of $348,800.00. Following the sale, the chief executive officer directly owned 1,040,955 shares in the company, valued at approximately $36,308,510.40. The trade was a 0.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 77,069 shares of company stock worth $2,578,235. 9.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HRTG. BlackRock Inc. purchased a new stake in shares of Heritage Insurance in the second quarter worth about $60,842,000. Dimensional Fund Advisors LP lifted its holdings in Heritage Insurance by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider’s stock valued at $32,732,000 after acquiring an additional 36,879 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Heritage Insurance during the second quarter worth $14,437,000. Bank of America Corp DE purchased a new stake in Heritage Insurance during the second quarter worth $6,070,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Heritage Insurance by 52.6% during 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 period. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Price Performance

Shares of NYSE:HRTG opened at $33.92 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $1.01 billion, a P/E ratio of 4.83 and a beta of 0.92. Heritage Insurance has a fifty-two week low of $20.48 and a fifty-two week high of $36.50. The company’s 50-day moving average is $33.23 and its 200 day moving average is $28.20.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.80. The business had revenue of $214.19 million during 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, equities research analysts forecast that Heritage Insurance will post 5.5 earnings per share for the current year.

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.