Heritage Insurance (NYSE:HRTG) Releases Earnings Results, Beats Expectations By $0.83 EPS

Heritage Insurance (NYSE:HRTG) posted its earnings results on Tuesday. The insurance provider reported $0.66 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.83, Zacks reports. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. The firm had revenue of $210.26 million for the quarter, compared to analyst estimates of $199.87 million.

Heritage Insurance Price Performance

NYSE:HRTG opened at $12.00 on Thursday. Heritage Insurance has a one year low of $6.14 and a one year high of $16.90. The stock has a market cap of $368.05 million, a PE ratio of 4.80 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50 day moving average price of $11.55 and a 200 day moving average price of $12.30.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research note on Monday.

Heritage Insurance declared that its board has authorized a share buyback program on Monday, December 9th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Heritage Insurance Company Profile

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.