Heritage Insurance (NYSE:HRTG) Releases Quarterly Earnings Results, Beats Estimates By $0.81 EPS

Heritage Insurance (NYSE:HRTG) released its quarterly earnings data on Wednesday. The insurance provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.81, FiscalAI reports. The business had revenue of $219.24 million for the quarter, compared to analysts’ expectations of $217.34 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%.

Heritage Insurance Trading Down 4.4%

HRTG traded down $1.59 during trading on Wednesday, reaching $34.62. 209,983 shares of the company’s stock were exchanged, compared to its average volume of 342,895. The firm has a fifty day moving average price of $34.68 and a two-hundred day moving average price of $28.47. Heritage Insurance has a one year low of $20.48 and a one year high of $37.87. The stock has a market capitalization of $1.03 billion, a PE ratio of 4.93 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HRTG. Piper Sandler boosted their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Wall Street Zen raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Weiss Ratings raised Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, September 8th. Zacks Research lowered shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 9th. Finally, Truist Financial increased their price objective on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

Insider Activity

In related news, CEO Ernie Garateix sold 2,500 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $35.25, for a total transaction of $88,125.00. Following the transaction, the chief executive officer owned 1,035,955 shares in the company, valued at $36,517,413.75. The trade was a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirk Lusk sold 10,000 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.16, for a total value of $341,600.00. Following the completion of the sale, the chief financial officer directly owned 492,522 shares of the company’s stock, valued at $16,824,551.52. The trade was a 1.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 80,569 shares of company stock worth $2,703,920. 9.20% of the stock is owned by insiders.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE:HRTG) is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.