Heritage Insurance (NYSE:HRTG) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a strong-buy rating in a research note released on Thursday.

Several other brokerages have also recently weighed in on HRTG. Truist Financial raised their price objective on Heritage Insurance from $11.00 to $12.00 and gave the company a buy rating in a research note on Thursday, August 8th. Piper Sandler raised shares of Heritage Insurance from a neutral rating to an overweight rating and raised their price target for the company from $9.00 to $13.00 in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Buy and an average target price of $10.67.

Heritage Insurance Stock Down 1.2 %

Shares of NYSE HRTG opened at $10.41 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.76 and a quick ratio of 0.76. The company has a 50-day moving average price of $13.53 and a 200-day moving average price of $10.26. The stock has a market capitalization of $319.38 million, a P/E ratio of 5.41 and a beta of 0.95. Heritage Insurance has a 1 year low of $5.03 and a 1 year high of $16.90.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. The business had revenue of $203.57 million during 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 quarter in the previous year, the business earned $0.32 EPS. On average, equities research analysts forecast that Heritage Insurance will post 1.93 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Heritage Insurance

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. raised its stake in shares of Heritage Insurance by 63.3% during the 2nd quarter. American Century Companies Inc. now owns 432,732 shares of the insurance provider’s stock valued at $3,064,000 after purchasing an additional 167,819 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Heritage Insurance by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,414,585 shares of the insurance provider’s stock valued at $10,016,000 after buying an additional 96,923 shares during the period. Renaissance Technologies LLC increased its position in shares of Heritage Insurance by 45.7% during the second quarter. Renaissance Technologies LLC now owns 436,099 shares of the insurance provider’s stock valued at $3,088,000 after buying an additional 136,800 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Heritage Insurance by 263.3% in the second quarter. Bank of New York Mellon Corp now owns 87,814 shares of the insurance provider’s stock worth $622,000 after buying an additional 63,645 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its position in shares of Heritage Insurance by 413.4% in the second quarter. Susquehanna Fundamental Investments LLC now owns 74,772 shares of the insurance provider’s stock valued at $529,000 after acquiring an additional 60,207 shares during the period. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

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.