Heritage Insurance (NYSE:HRTG) Announces Quarterly Earnings Results

Heritage Insurance (NYSE:HRTG) posted its quarterly earnings results on Tuesday. The insurance provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.83, Zacks reports. The business had revenue of $210.26 million during the quarter, compared to analysts’ expectations of $199.87 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%.

Heritage Insurance Stock Performance

NYSE HRTG opened at $12.00 on Thursday. The company has a market cap of $368.05 million, a P/E ratio of 4.80 and a beta of 1.00. Heritage Insurance has a 1-year low of $6.14 and a 1-year high of $16.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a 50-day moving average of $11.55 and a two-hundred day moving average of $12.30.

Heritage Insurance declared that its Board of Directors has approved a share repurchase plan on Monday, December 9th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the insurance provider to repurchase up to 2.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research report on Monday.

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.