Heritage Insurance Holdings, Inc. (NYSE:HRTG) Receives $33.50 Average PT from Brokerages

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) have been assigned an average rating of “Moderate Buy” from the five brokerages that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $33.50.

Several research analysts have recently commented on the company. Weiss Ratings downgraded Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Zacks Research upgraded Heritage Insurance from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Piper Sandler boosted their price objective on Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday. Wall Street Zen downgraded shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Truist Financial dropped their price objective on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating for the company in a report on Monday, May 11th.

Heritage Insurance Stock Up 1.9%

HRTG stock opened at $27.06 on Wednesday. The firm has a market cap of $821.27 million, a price-to-earnings ratio of 4.15 and a beta of 0.88. The firm has a fifty day moving average price of $24.10 and a two-hundred day moving average price of $25.84. Heritage Insurance has a 1-year low of $16.83 and a 1-year high of $31.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

Heritage Insurance (NYSE:HRTG) last released its earnings results on Thursday, May 7th. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34). Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. The business had revenue of $212.66 million for the quarter, compared to analyst estimates of $215.39 million. Research analysts predict that Heritage Insurance will post 4.33 EPS for the current year.

Insider Buying and Selling

In other news, CEO Ernie J. Garateix sold 8,334 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $27.56, for a total transaction of $229,685.04. Following the transaction, the chief executive officer owned 1,060,955 shares of the company’s stock, valued at approximately $29,239,919.80. The trade was a 0.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $26.58, for a total transaction of $244,536.00. Following the transaction, the chief accounting officer directly owned 105,588 shares in the company, valued at approximately $2,806,529.04. The trade was a 8.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 35,934 shares of company stock worth $965,041. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Heritage Insurance by 4.2% in the 1st 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 in the last quarter. Millennium Management LLC increased its holdings in shares of Heritage Insurance by 39.8% in the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock valued at $4,657,000 after acquiring an additional 91,982 shares during the period. Empowered Funds LLC raised its holdings in shares of Heritage Insurance by 8.4% in the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock valued at $1,800,000 after buying an additional 9,728 shares during the last quarter. Strs Ohio purchased a new position in Heritage Insurance during the first quarter worth about $127,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after purchasing an additional 128,927 shares in the last quarter. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

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.