Heritage Insurance (NYSE:HRTG) Upgraded at Zacks Research

Zacks Research upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

A number of other research analysts also recently weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Truist Financial upped their price objective on Heritage Insurance from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Citigroup reissued a “market perform” rating on shares of Heritage Insurance in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $33.50.

Heritage Insurance Trading Up 0.3%

Shares of NYSE:HRTG opened at $28.24 on Wednesday. The company’s 50-day moving average price is $26.26 and its two-hundred day moving average price is $26.31. Heritage Insurance has a one year low of $12.59 and a one year high of $31.98. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $872.84 million, a PE ratio of 4.47 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Monday, March 9th. The insurance provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.54. Heritage Insurance had a return on equity of 51.04% and a net margin of 23.08%.The company had revenue of $215.32 million during the quarter, compared to analysts’ expectations of $212.60 million. On average, equities analysts forecast that Heritage Insurance will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $24.12, for a total transaction of $201,016.08. Following the completion of the transaction, the chief executive officer owned 1,120,170 shares in the company, valued at approximately $27,018,500.40. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 25,002 shares of company stock worth $663,636 in the last three months. Company insiders own 15.20% of the company’s stock.

Institutional Trading of Heritage Insurance

A number of hedge funds have recently made changes to their positions in HRTG. Y Intercept Hong Kong Ltd bought a new position in Heritage Insurance during the third quarter worth $984,000. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Heritage Insurance by 514.4% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 76,798 shares of the insurance provider’s stock valued at $1,934,000 after purchasing an additional 64,298 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Heritage Insurance by 69.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock valued at $13,128,000 after purchasing an additional 216,019 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Heritage Insurance by 201.7% during the 3rd quarter. Principal Financial Group Inc. now owns 64,490 shares of the insurance provider’s stock worth $1,624,000 after buying an additional 43,113 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Heritage Insurance by 829.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 125,828 shares of the insurance provider’s stock worth $3,138,000 after buying an additional 112,288 shares during the period. 59.03% of the stock is owned by institutional investors and hedge funds.

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.