Heritage Insurance (NYSE:HRTG) Raised to “Buy” at Wall Street Zen

Heritage Insurance (NYSE:HRTG) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also recently commented on HRTG. Truist Financial raised their price target on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Finally, Piper Sandler raised their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $36.50.

Heritage Insurance Trading Down 0.2%

Shares of NYSE:HRTG opened at $33.90 on Friday. The business’s 50 day simple moving average is $27.23 and its 200 day simple moving average is $26.31. Heritage Insurance has a 1 year low of $20.48 and a 1 year high of $36.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $1.01 billion, a P/E ratio of 4.83 and a beta of 0.89.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. The firm had revenue of $214.19 million during the quarter, compared to analysts’ expectations of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, research analysts anticipate that Heritage Insurance will post 5.5 EPS for the current fiscal year.

Insider Activity

In other Heritage Insurance news, Director Paul L. Whiting purchased 16,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $23.56 per share, with a total value of $376,960.00. Following the acquisition, the director owned 103,126 shares of the company’s stock, valued at approximately $2,429,648.56. This represents a 18.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $30.03, for a total value of $276,276.00. Following the sale, the chief accounting officer owned 96,388 shares of the company’s stock, valued at approximately $2,894,531.64. This represents a 8.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 42,704 shares of company stock worth $1,235,653. Insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Advisory Services Network LLC bought a new position in shares of Heritage Insurance in the third quarter worth about $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Heritage Insurance during the 4th quarter valued at approximately $31,000. Royal Bank of Canada grew its holdings in shares of Heritage Insurance by 72.6% during the 4th 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 last quarter. Optiver Holding B.V. increased its position in Heritage Insurance by 510.0% during the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 1,173 shares in the last quarter. Finally, Harbour Investments Inc. acquired a new position in Heritage Insurance during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

About Heritage Insurance

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.