Heritage Insurance (HRTG) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $20.00 price target on the insurance provider’s stock.
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 analysts have also commented on HRTG. BidaskClub raised Heritage Insurance from a sell rating to a hold rating in a report on Thursday, September 28th. TheStreet raised Heritage Insurance from a c+ rating to a b rating in a research note on Monday, October 16th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $17.00 price target on shares of Heritage Insurance in a research note on Thursday, September 21st. SunTrust Banks reaffirmed a buy rating and issued a $18.00 price target on shares of Heritage Insurance in a research note on Tuesday, September 26th. Finally, Citigroup lifted their price target on Heritage Insurance from $17.00 to $18.00 and gave the stock a buy rating in a research note on Tuesday, October 17th. Five analysts have rated the stock with a buy rating, Heritage Insurance presently has an average rating of Buy and an average target price of $18.50.
Shares of Heritage Insurance (NYSE:HRTG) traded down $0.01 on Tuesday, reaching $17.98. The company’s stock had a trading volume of 402,800 shares, compared to its average volume of 319,510. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.97 and a current ratio of 0.97. Heritage Insurance has a one year low of $8.85 and a one year high of $18.70. The firm has a market capitalization of $439.69, a price-to-earnings ratio of 1,863.00 and a beta of 1.44.
Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Wednesday, November 1st. The insurance provider reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.23). Heritage Insurance had a net margin of 0.27% and a return on equity of 0.31%. The business had revenue of $101.77 million during the quarter, compared to analyst estimates of $99.01 million. During the same period in the previous year, the business posted $0.37 earnings per share. The firm’s revenue for the quarter was down 6.9% on a year-over-year basis. analysts anticipate that Heritage Insurance will post 0.73 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, November 17th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Thursday, November 16th. Heritage Insurance’s dividend payout ratio is presently 2,400.00%.
Several large investors have recently modified their holdings of HRTG. Balyasny Asset Management LLC boosted its stake in Heritage Insurance by 18.0% during the second quarter. Balyasny Asset Management LLC now owns 14,082 shares of the insurance provider’s stock worth $183,000 after buying an additional 2,148 shares during the last quarter. Voya Investment Management LLC boosted its stake in Heritage Insurance by 16.9% during the second quarter. Voya Investment Management LLC now owns 15,066 shares of the insurance provider’s stock worth $196,000 after buying an additional 2,181 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in Heritage Insurance by 69.1% during the first quarter. UBS Asset Management Americas Inc. now owns 18,600 shares of the insurance provider’s stock worth $238,000 after buying an additional 7,600 shares during the last quarter. California Public Employees Retirement System acquired a new position in Heritage Insurance during the second quarter worth $251,000. Finally, Alpine Woods Capital Investors LLC boosted its stake in Heritage Insurance by 25.0% during the second quarter. Alpine Woods Capital Investors LLC now owns 20,000 shares of the insurance provider’s stock worth $260,000 after buying an additional 4,000 shares during the last quarter. 81.45% of the stock is currently owned by hedge funds and other institutional investors.
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About Heritage Insurance
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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