Heritage Insurance (NYSE:HRTG) Raised 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 report report published on Tuesday morning.

Several other equities research analysts also recently issued reports on HRTG. Piper Sandler upgraded Heritage Insurance from a neutral rating to an overweight rating and increased their price target for the stock from $9.00 to $13.00 in a report on Friday, August 9th. Truist Financial increased their target price on Heritage Insurance from $11.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $10.67.

Heritage Insurance Stock Up 1.0 %

Heritage Insurance stock opened at $11.93 on Tuesday. The firm has a market capitalization of $365.49 million, a price-to-earnings ratio of 7.27 and a beta of 0.97. The company’s 50 day simple moving average is $13.35 and its 200 day simple moving average is $10.24. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.76 and a quick ratio of 0.76. Heritage Insurance has a fifty-two week low of $5.03 and a fifty-two week high of $16.90.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.23. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. The company had revenue of $203.57 million for the quarter, compared to analysts’ expectations of $196.81 million. During the same period last year, the firm posted $0.32 earnings per share. As a group, sell-side analysts anticipate that Heritage Insurance will post 1.93 EPS for the current year.

Insider Transactions at Heritage Insurance

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of HRTG. Innealta Capital LLC bought a new position in shares of Heritage Insurance in the second quarter valued at $30,000. Valmark Advisers Inc. acquired a new position in shares of Heritage Insurance during the 2nd quarter worth about $80,000. Sei Investments Co. acquired a new position in shares of Heritage Insurance during the 2nd quarter worth about $102,000. Fortis Capital Advisors LLC bought a new stake in shares of Heritage Insurance in the 1st quarter valued at about $134,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Heritage Insurance in the 1st quarter valued at about $155,000. 59.03% of the stock is currently owned by 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.