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

by · The Cerbat Gem

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

A number of other research firms have also issued reports on HRTG. Piper Sandler upgraded shares of Heritage Insurance from a neutral rating to an overweight rating and lifted their price objective for the company from $9.00 to $13.00 in a research note on Friday, August 9th. Truist Financial lifted their price target on shares of 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $10.67.

Check Out Our Latest Stock Report on HRTG

Heritage Insurance Stock Performance

NYSE:HRTG opened at $10.63 on Thursday. The firm’s fifty day simple moving average is $13.65 and its 200 day simple moving average is $10.26. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. Heritage Insurance has a twelve month low of $5.03 and a twelve month high of $16.90. The firm has a market capitalization of $325.66 million, a price-to-earnings ratio of 6.48 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG – Get Free Report) last issued its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.23. Heritage Insurance had a return on equity of 26.27% and a net margin of 7.37%. The company had revenue of $203.57 million during the quarter, compared to the consensus estimate of $196.81 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. As a group, equities research analysts expect that Heritage Insurance will post 1.93 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of Heritage Insurance

Institutional investors and hedge funds have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC grew its position in shares of Heritage Insurance by 413.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 74,772 shares of the insurance provider’s stock valued at $529,000 after buying an additional 60,207 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Heritage Insurance by 5.3% in the second quarter. Cubist Systematic Strategies LLC now owns 232,105 shares of the insurance provider’s stock valued at $1,643,000 after acquiring an additional 11,745 shares during the period. Sei Investments Co. bought a new position in shares of Heritage Insurance during the second quarter valued at approximately $102,000. Renaissance Technologies LLC raised its position in shares of Heritage Insurance by 45.7% during the 2nd quarter. Renaissance Technologies LLC now owns 436,099 shares of the insurance provider’s stock worth $3,088,000 after purchasing an additional 136,800 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Heritage Insurance by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,414,585 shares of the insurance provider’s stock worth $10,016,000 after purchasing an additional 96,923 shares during the last quarter. 59.03% of the stock is owned by institutional investors and hedge funds.

About Heritage Insurance

(Get Free Report)

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.

Further Reading