Heritage Insurance (NYSE:HRTG) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Heritage Insurance (NYSE:HRTG) from a strong-buy rating to a buy rating in a research report released on Friday.

Other equities analysts have also issued reports about the stock. Truist Financial lifted their target price on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler upgraded Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their target price for the company from $9.00 to $13.00 in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.67.

Heritage Insurance Price Performance

Shares of HRTG opened at $10.11 on Friday. The company has a 50 day moving average of $13.89 and a two-hundred day moving average of $10.25. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.47. Heritage Insurance has a twelve month low of $5.20 and a twelve month high of $16.90. The company has a market cap of $309.73 million, a price-to-earnings ratio of 6.16 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.23. The firm had revenue of $203.57 million for the quarter, compared to the consensus estimate of $196.81 million. Heritage Insurance had a return on equity of 26.27% and a net margin of 7.37%. During the same period in the previous year, the business earned $0.32 EPS. As a group, analysts predict that Heritage Insurance will post 1.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Richard A. Widdicombe bought 4,437 shares of the business’s stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $14.55 per share, with a total value of $64,558.35. Following the purchase, the chairman now directly owns 696,497 shares of the company’s stock, valued at $10,134,031.35. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Heritage Insurance news, Chairman Richard A. Widdicombe bought 4,437 shares of Heritage Insurance stock in a transaction on Friday, August 16th. The shares were bought at an average price of $14.55 per share, for a total transaction of $64,558.35. Following the completion of the transaction, the chairman now directly owns 696,497 shares of the company’s stock, valued at $10,134,031.35. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ernie J. Garateix acquired 5,000 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average price of $8.59 per share, for a total transaction of $42,950.00. Following the completion of the acquisition, the chief executive officer now owns 1,072,584 shares in the company, valued at $9,213,496.56. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 14.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Heritage Insurance

Several hedge funds have recently modified their holdings of the stock. Empowered Funds LLC boosted its holdings in shares of Heritage Insurance by 8.1% in the 1st quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock valued at $1,030,000 after buying an additional 7,203 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Heritage Insurance in the first quarter valued at $155,000. Fortis Capital Advisors LLC purchased a new position in shares of Heritage Insurance during the first quarter worth about $134,000. Kennedy Capital Management LLC acquired a new stake in shares of Heritage Insurance during the first quarter worth about $663,000. Finally, Instrumental Wealth LLC lifted its holdings in shares of Heritage Insurance by 109.1% in the 1st quarter. Instrumental Wealth LLC now owns 27,791 shares of the insurance provider’s stock valued at $296,000 after purchasing an additional 14,500 shares during the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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.