StockNews.com Downgrades Heritage Insurance (NYSE:HRTG) to Buy

Heritage Insurance (NYSE:HRTG) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

Other equities analysts have also issued reports about the company. Piper Sandler decreased their target price on Heritage Insurance from $4.25 to $4.15 in a research note on Thursday, July 6th. JMP Securities upped their target price on Heritage Insurance from $5.00 to $6.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 10th.

Heritage Insurance Stock Performance

NYSE:HRTG opened at $5.23 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 0.71. Heritage Insurance has a 52-week low of $1.12 and a 52-week high of $6.09. The firm has a market cap of $133.68 million, a price-to-earnings ratio of -10.46 and a beta of 0.72. The business’s fifty day moving average is $4.82 and its 200 day moving average is $4.16.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Tuesday, August 8th. The insurance provider reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.27. The business had revenue of $185.31 million for the quarter, compared to analyst estimates of $168.53 million. Heritage Insurance had a negative return on equity of 9.51% and a negative net margin of 1.99%. Research analysts predict that Heritage Insurance will post 1.17 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HRTG. Spotlight Asset Group Inc. bought a new position in shares of Heritage Insurance in the 1st quarter worth approximately $852,000. Millennium Management LLC increased its position in Heritage Insurance by 111.4% during the 4th quarter. Millennium Management LLC now owns 469,843 shares of the insurance provider’s stock valued at $846,000 after buying an additional 247,620 shares in the last quarter. Acadian Asset Management LLC increased its position in Heritage Insurance by 312.5% during the 2nd quarter. Acadian Asset Management LLC now owns 179,176 shares of the insurance provider’s stock valued at $688,000 after buying an additional 135,742 shares in the last quarter. Renaissance Technologies LLC increased its position in Heritage Insurance by 48.4% during the 4th quarter. Renaissance Technologies LLC now owns 354,599 shares of the insurance provider’s stock valued at $638,000 after buying an additional 115,700 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC increased its position in Heritage Insurance by 13.9% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 874,636 shares of the insurance provider’s stock valued at $1,574,000 after buying an additional 106,825 shares in the last quarter. Institutional investors own 31.51% of the company’s stock.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners; and rental property insurance in the states of 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.