Zacks Investment Research Upgrades Heritage Insurance Holdings Inc. (HRTG) to Hold
Heritage Insurance Holdings Inc. (NYSE:HRTG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. Through its subsidiary, Heritage Property & Casualty Insurance Company, the Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance Holdings, Inc. is based in Clearwater, Florida. “
Several other equities analysts have also issued reports on the stock. Sandler O’Neill raised shares of Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, September 23rd. Keefe, Bruyette & Woods set a $17.00 price target on shares of Heritage Insurance Holdings and gave the stock a “buy” rating in a report on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $21.88.
Shares of Heritage Insurance Holdings (NYSE:HRTG) traded up 8.387% during midday trading on Wednesday, reaching $13.505. The company’s stock had a trading volume of 214,758 shares. The firm has a market capitalization of $401.10 million, a P/E ratio of 6.508 and a beta of 0.99. Heritage Insurance Holdings has a 12-month low of $11.50 and a 12-month high of $24.98. The stock has a 50-day moving average of $13.77 and a 200 day moving average of $13.40.
Heritage Insurance Holdings (NYSE:HRTG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.07. Heritage Insurance Holdings had a net margin of 15.06% and a return on equity of 17.73%. The business had revenue of $115.28 million for the quarter, compared to analyst estimates of $113.73 million. During the same period in the previous year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. Equities research analysts predict that Heritage Insurance Holdings will post $1.74 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.24 annualized dividend and a dividend yield of 1.93%. Heritage Insurance Holdings’s payout ratio is currently 11.59%.
In related news, Director James Masiello acquired 20,000 shares of the stock in a transaction dated Monday, August 22nd. The stock was acquired at an average cost of $12.96 per share, for a total transaction of $259,200.00. Following the completion of the purchase, the director now owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 15.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of HRTG. Oxford Asset Management increased its position in Heritage Insurance Holdings by 176.3% in the second quarter. Oxford Asset Management now owns 232,916 shares of the company’s stock worth $2,788,000 after buying an additional 148,605 shares in the last quarter. Societe Generale purchased a new position in shares of Heritage Insurance Holdings during the second quarter worth $1,410,000. SG Americas Securities LLC purchased a new position in shares of Heritage Insurance Holdings during the second quarter worth $1,410,000. Ameriprise Financial Inc. increased its position in shares of Heritage Insurance Holdings by 15.1% in the second quarter. Ameriprise Financial Inc. now owns 887,354 shares of the company’s stock worth $10,623,000 after buying an additional 116,196 shares during the period. Finally, Columbia Partners L L C Investment Management purchased a new position in shares of Heritage Insurance Holdings during the first quarter worth $1,570,000. Institutional investors own 54.81% of the company’s stock.
Heritage Insurance Holdings Company Profile
Heritage Insurance Holdings, Inc is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company, it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.
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