Heritage Insurance (NYSE:HRTG) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Heritage Insurance (NYSE:HRTG) from a strong-buy rating to a buy rating in a research report released on Friday morning.

Several other analysts have also commented on the company. Truist Financial raised their price objective on Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler raised Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $9.00 to $13.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.67.

Heritage Insurance Stock Down 1.3 %

Heritage Insurance stock opened at $10.11 on Friday. The firm has a market cap of $309.73 million, a price-to-earnings ratio of 6.16 and a beta of 0.95. Heritage Insurance has a 52 week low of $5.20 and a 52 week high of $16.90. The business’s 50-day moving average price is $13.89 and its 200 day moving average price is $10.24. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.47.

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

Insider Activity

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

Hedge Funds Weigh In On Heritage Insurance

A number of institutional investors have recently added to or reduced their stakes in HRTG. nVerses Capital LLC purchased a new stake in Heritage Insurance in the third quarter valued at $49,000. Innealta Capital LLC purchased a new stake in Heritage Insurance in the second quarter valued at $30,000. Valmark Advisers Inc. acquired a new stake in shares of Heritage Insurance in the second quarter valued at $80,000. Fortis Capital Advisors LLC purchased a new stake in shares of Heritage Insurance in the 1st quarter valued at $134,000. Finally, Sei Investments Co. purchased a new stake in shares of Heritage Insurance in the 2nd quarter valued at $102,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

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.