Heritage Insurance Holdings Inc. (HRTG) Price Target Cut to $16.00
Heritage Insurance Holdings Inc. (NYSE:HRTG) had its target price reduced by stock analysts at Citigroup Inc. from $17.00 to $16.00 in a research note issued on Tuesday. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s price target indicates a potential upside of 26.98% from the company’s previous close.
Several other research firms have also recently weighed in on HRTG. Zacks Investment Research cut Heritage Insurance Holdings from a “hold” rating to a “sell” rating in a research note on Friday, August 5th. Sandler O’Neill upgraded Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Friday, September 23rd. Finally, Keefe, Bruyette & Woods dropped their price target on Heritage Insurance Holdings from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, June 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $19.00.
Shares of Heritage Insurance Holdings (NYSE:HRTG) opened at 12.60 on Tuesday. The firm has a market capitalization of $374.22 million, a PE ratio of 6.07 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 company’s 50-day moving average price is $13.74 and its 200-day moving average price is $13.31.
Heritage Insurance Holdings (NYSE:HRTG) last released its earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.07. Heritage Insurance Holdings had a return on equity of 17.73% and a net margin of 15.06%. The firm earned $115.28 million during the quarter, compared to analysts’ expectations of $113.73 million. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 16.4% on a year-over-year basis. Analysts anticipate that Heritage Insurance Holdings will post $1.74 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.06 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.24 dividend on an annualized basis and a yield of 1.90%. Heritage Insurance Holdings’s payout ratio is 11.59%.
In related news, Director James Masiello acquired 20,000 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the director now directly owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vijay Walvekar sold 5,000 shares of the stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $13.90, for a total value of $69,500.00. The disclosure for this sale can be found here. 15.10% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Oxford Asset Management increased its stake in shares of 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 during the last quarter. Societe Generale acquired a new stake in shares of Heritage Insurance Holdings during the second quarter worth $1,410,000. SG Americas Securities LLC acquired a new stake in shares of Heritage Insurance Holdings during the second quarter worth $1,410,000. Ameriprise Financial Inc. increased its stake 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 last quarter. Finally, Columbia Partners L L C Investment Management acquired a new stake in shares of Heritage Insurance Holdings during the first quarter worth $1,570,000. Institutional investors and hedge funds 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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