Heritage Insurance (NYSE:HRTG) Announces Earnings Results

Heritage Insurance (NYSE:HRTG) posted its quarterly earnings data on Wednesday. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.81, FiscalAI reports. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The business had revenue of $219.24 million during the quarter, compared to the consensus estimate of $217.34 million.

Heritage Insurance Trading Down 4.4%

Shares of Heritage Insurance stock traded down $1.59 during trading on Wednesday, reaching $34.62. 209,983 shares of the stock were exchanged, compared to its average volume of 342,895. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $34.68 and its 200 day moving average is $28.47. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 4.93 and a beta of 0.92. Heritage Insurance has a 1 year low of $20.48 and a 1 year high of $37.87.

Insider Activity at Heritage Insurance

In other Heritage Insurance news, insider Timothy Moura sold 15,104 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $32.49, for a total transaction of $490,728.96. Following the completion of the transaction, the insider owned 144,941 shares of the company’s stock, valued at $4,709,133.09. This represents a 9.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ernie J. Garateix sold 10,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $34.88, for a total value of $348,800.00. Following the completion of the sale, the chief executive officer owned 1,040,955 shares of the company’s stock, valued at approximately $36,308,510.40. This trade represents a 0.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,569 shares of company stock worth $2,703,920 over the last 90 days. 9.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HRTG shares. Wall Street Zen raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Truist Financial lifted their price target on Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Piper Sandler lifted their price objective on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings upgraded Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, September 8th. Finally, Raymond James Financial assumed coverage on Heritage Insurance in a research note on Friday, October 16th. They set a “market perform” rating for the company. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE:HRTG) is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.