Heritage Insurance Holdings, Inc. (HRTG) Downgraded by BidaskClub
Heritage Insurance Holdings, Inc. (NYSE:HRTG) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday.
Several other equities analysts have also recently issued reports on HRTG. Keefe, Bruyette & Woods reissued a “buy” rating and set a $17.00 target price on shares of Heritage Insurance Holdings in a research note on Thursday. TheStreet cut Heritage Insurance Holdings from a “b-” rating to a “c” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research raised Heritage Insurance Holdings from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $16.33.
Heritage Insurance Holdings (NYSE HRTG) traded up 1.62% during trading on Friday, hitting $11.94. The company’s stock had a trading volume of 88,222 shares. The firm has a market cap of $354.62 million, a P/E ratio of 16.84 and a beta of 1.30. The firm has a 50 day moving average of $11.67 and a 200 day moving average of $12.40. Heritage Insurance Holdings has a 12 month low of $8.85 and a 12 month high of $16.48.
Heritage Insurance Holdings (NYSE:HRTG) last posted its earnings results on Tuesday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.01. Heritage Insurance Holdings had a return on equity of 5.67% and a net margin of 5.07%. The firm had revenue of $96.90 million for the quarter, compared to analysts’ expectations of $100.17 million. During the same period in the previous year, the firm earned $0.62 earnings per share. The business’s revenue was down 15.9% compared to the same quarter last year. Equities research analysts predict that Heritage Insurance Holdings will post $0.92 earnings per share for the current year.
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In other news, CEO Bruce Lucas purchased 22,000 shares of Heritage Insurance Holdings stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $11.58 per share, with a total value of $254,760.00. Following the completion of the purchase, the chief executive officer now directly owns 869,595 shares in the company, valued at $10,069,910.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Irini Barlas purchased 10,000 shares of Heritage Insurance Holdings stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $11.61 per share, for a total transaction of $116,100.00. Following the completion of the purchase, the director now owns 14,200 shares of the company’s stock, valued at $164,862. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 91,350 shares of company stock worth $1,051,923. 16.10% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of HRTG. Teachers Advisors LLC grew its stake in Heritage Insurance Holdings by 2.9% in the fourth quarter. Teachers Advisors LLC now owns 59,682 shares of the insurance provider’s stock worth $935,000 after purchasing an additional 1,677 shares during the period. Nationwide Fund Advisors grew its stake in Heritage Insurance Holdings by 0.9% in the first quarter. Nationwide Fund Advisors now owns 111,424 shares of the insurance provider’s stock worth $1,423,000 after purchasing an additional 1,046 shares during the period. Russell Investments Group Ltd. grew its stake in Heritage Insurance Holdings by 50.3% in the first quarter. Russell Investments Group Ltd. now owns 178,893 shares of the insurance provider’s stock worth $2,284,000 after purchasing an additional 59,856 shares during the period. Bank of New York Mellon Corp grew its stake in Heritage Insurance Holdings by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 194,527 shares of the insurance provider’s stock worth $2,484,000 after purchasing an additional 15,789 shares during the period. Finally, Swiss National Bank grew its stake in Heritage Insurance Holdings by 8.0% in the first quarter. Swiss National Bank now owns 44,300 shares of the insurance provider’s stock worth $566,000 after purchasing an additional 3,300 shares during the period. 61.29% of the stock is currently owned by institutional investors.
About Heritage Insurance Holdings
Heritage Insurance Holdings, Inc (Heritage Insurance) is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company (Heritage P&C), 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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