Heritage Insurance (NYSE:HRTG) Releases Earnings Results, Beats Expectations By $0.80 EPS

Heritage Insurance (NYSE:HRTG) announced its quarterly earnings data on Wednesday. The insurance provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.80, Zacks reports. The firm had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 44.15% and a net margin of 25.19%.

Heritage Insurance Price Performance

Heritage Insurance stock traded down $2.60 during mid-day trading on Friday, hitting $32.61. 160,986 shares of the company were exchanged, compared to its average volume of 373,237. Heritage Insurance has a 12-month low of $20.29 and a 12-month high of $36.50. The company has a market capitalization of $989.71 million, a P/E ratio of 4.64 and a beta of 0.89. The business’s 50 day simple moving average is $25.84 and its two-hundred day simple moving average is $26.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Wall Street Zen lowered shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research raised shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Truist Financial lifted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Weiss Ratings cut Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

Insiders Place Their Bets

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total transaction of $276,276.00. Following the sale, the chief accounting officer directly owned 96,388 shares of the company’s stock, valued at $2,894,531.64. This trade represents a 8.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting purchased 16,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $23.56 per share, for a total transaction of $376,960.00. Following the completion of the purchase, the director directly owned 103,126 shares in the company, valued at $2,429,648.56. The trade was a 18.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 27,600 shares of company stock worth $744,924. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Institutional investors and hedge funds have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in Heritage Insurance in the 3rd quarter valued at $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Heritage Insurance during the fourth quarter worth $31,000. Royal Bank of Canada grew its position in shares of Heritage Insurance by 72.6% in the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 497 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of Heritage Insurance by 2,178.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,709 shares of the insurance provider’s stock valued at $50,000 after purchasing an additional 1,634 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in Heritage Insurance by 77.3% in the second quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 1,323 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.