Heritage Insurance (NYSE:HRTG) Announces Earnings Results, Misses Expectations By $0.34 EPS

Heritage Insurance (NYSE:HRTG) issued its quarterly earnings results on Thursday. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34), FiscalAI reports. The company had revenue of $212.66 million for the quarter, compared to analyst estimates of $215.39 million. Heritage Insurance had a return on equity of 47.28% and a net margin of 23.08%.

Heritage Insurance Stock Down 20.4%

Shares of NYSE HRTG traded down $5.73 on Friday, hitting $22.31. The company had a trading volume of 1,789,354 shares, compared to its average volume of 328,271. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. Heritage Insurance has a 12-month low of $16.83 and a 12-month high of $31.98. The firm has a market capitalization of $676.96 million, a P/E ratio of 3.53 and a beta of 1.03. The business has a 50 day moving average of $27.37 and a two-hundred day moving average of $27.06.

Insider Buying and Selling

In other news, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $25.72, for a total transaction of $236,624.00. Following the transaction, the chief accounting officer directly owned 133,188 shares of the company’s stock, valued at approximately $3,425,595.36. The trade was a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 8,334 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $27.56, for a total transaction of $229,685.04. Following the completion of the transaction, the chief executive officer owned 1,060,955 shares of the company’s stock, valued at $29,239,919.80. This trade represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 130,918 shares of company stock valued at $3,446,606. Corporate insiders own 15.20% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

A number of institutional investors have recently added to or reduced their stakes in HRTG. The Manufacturers Life Insurance Company purchased a new stake in shares of Heritage Insurance during the second quarter worth about $205,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Heritage Insurance by 4.2% in the first 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 grew its stake in Heritage Insurance by 127.6% during 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 in the last quarter. BNP Paribas Financial Markets grew its stake in Heritage Insurance by 77.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,379 shares of the insurance provider’s stock valued at $135,000 after purchasing an additional 2,344 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Heritage Insurance during the 1st quarter worth approximately $127,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on HRTG shares. Truist Financial boosted their price objective on shares of Heritage Insurance from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a report on Friday, March 27th. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 11th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $39.00.

Heritage Insurance Company Profile

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.