Analysts Set Heritage Insurance Holdings, Inc. (NYSE:HRTG) Target Price at $33.50

Heritage Insurance Holdings, Inc. (NYSE:HRTG) has been given an average rating of “Buy” by the five research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $33.50.

HRTG has been the topic of a number of analyst reports. Citigroup restated a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Zacks Research raised Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 11th. Truist Financial boosted their price objective on Heritage Insurance from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research report on Friday, March 27th.

Heritage Insurance Stock Performance

Shares of HRTG opened at $26.67 on Friday. The firm has a market capitalization of $819.21 million, a P/E ratio of 4.22 and a beta of 0.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.83 and a quick ratio of 0.83. Heritage Insurance has a one year low of $13.27 and a one year high of $31.98. The business has a fifty day moving average of $26.39 and a 200 day moving average of $26.68.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.61 by $0.54. The company had revenue of $215.32 million for the quarter, compared to the consensus estimate of $212.60 million. Heritage Insurance had a return on equity of 47.28% and a net margin of 23.08%. As a group, sell-side analysts anticipate that Heritage Insurance will post 1.86 EPS for the current year.

Insiders Place Their Bets

In other news, insider Timothy Moura sold 29,133 shares of Heritage Insurance stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $26.63, for a total transaction of $775,811.79. Following the sale, the insider owned 210,535 shares in the company, valued at $5,606,547.05. This trade represents a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $25.72, for a total transaction of $236,624.00. Following the completion of the transaction, the chief accounting officer directly owned 133,188 shares in the company, valued at $3,425,595.36. This trade represents a 6.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 121,718 shares of company stock worth $3,167,147 in the last three months. 15.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HRTG. Marshall Wace LLP lifted its position in shares of Heritage Insurance by 58.9% in the second quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock worth $23,498,000 after buying an additional 349,168 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Heritage Insurance by 223.9% during the third quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider’s stock valued at $11,635,000 after buying an additional 319,434 shares during the last quarter. Vanguard Group Inc. grew its holdings in Heritage Insurance by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after buying an additional 234,296 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Heritage Insurance by 69.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after acquiring an additional 216,019 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock worth $3,514,000 after acquiring an additional 128,927 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

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.