Heritage Insurance (NYSE:HRTG) Downgraded by StockNews.com to “Buy”

Heritage Insurance (NYSE:HRTG) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Several other equities analysts have also recently issued reports on the stock. Piper Sandler upgraded shares of Heritage Insurance from a “neutral” rating to an “overweight” rating and upped their target price for the company from $9.00 to $13.00 in a research note on Friday, August 9th. Truist Financial upped their target price on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.67.

Heritage Insurance Stock Up 2.5 %

Heritage Insurance stock traded up $0.41 during mid-day trading on Wednesday, reaching $16.65. The stock had a trading volume of 432,996 shares, compared to its average volume of 434,211. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market capitalization of $510.09 million, a price-to-earnings ratio of 10.15 and a beta of 0.90. The company has a 50-day moving average price of $10.01 and a two-hundred day moving average price of $9.11. Heritage Insurance has a one year low of $4.28 and a one year high of $16.88.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.23. The business had revenue of $203.57 million for the quarter, compared to analysts’ expectations of $196.81 million. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. During the same quarter in the prior year, the business earned $0.32 EPS. On average, analysts expect that Heritage Insurance will post 1.93 EPS for the current fiscal year.

Insider Transactions at Heritage Insurance

In other Heritage Insurance news, CEO Ernie J. Garateix acquired 5,000 shares of the stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $8.59 per share, for a total transaction of $42,950.00. Following the purchase, the chief executive officer now directly owns 1,072,584 shares of the company’s stock, valued at $9,213,496.56. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, Chairman Richard A. Widdicombe bought 4,437 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 16th. The stock was bought at an average cost of $14.55 per share, with a total value of $64,558.35. Following the acquisition, the chairman now owns 696,497 shares of the company’s stock, valued at approximately $10,134,031.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ernie J. Garateix bought 5,000 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $8.59 per share, with a total value of $42,950.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,072,584 shares in the company, valued at approximately $9,213,496.56. The disclosure for this purchase can be found here. Company insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its holdings in Heritage Insurance by 265.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 314,856 shares of the insurance provider’s stock valued at $3,353,000 after buying an additional 228,655 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Heritage Insurance by 13.0% during the 4th quarter. Victory Capital Management Inc. now owns 104,000 shares of the insurance provider’s stock valued at $678,000 after buying an additional 12,000 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Heritage Insurance during the 1st quarter valued at approximately $155,000. Innealta Capital LLC purchased a new stake in Heritage Insurance during the 2nd quarter valued at approximately $30,000. Finally, Empowered Funds LLC grew its holdings in Heritage Insurance by 8.1% during the 1st quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock valued at $1,030,000 after buying an additional 7,203 shares in the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.