Heritage Insurance (NYSE:HRTG) Posts Quarterly Earnings Results

Heritage Insurance (NYSE:HRTG) posted its earnings results on Monday. The insurance provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $1.10, FiscalAI reports. Heritage Insurance had a return on equity of 41.44% and a net margin of 17.72%.The business had revenue of $215.32 million for the quarter, compared to analysts’ expectations of $212.60 million.

Heritage Insurance Price Performance

Heritage Insurance stock opened at $27.01 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50 day simple moving average of $26.42 and a 200-day simple moving average of $26.19. Heritage Insurance has a 12 month low of $9.89 and a 12 month high of $31.98. The stock has a market capitalization of $834.88 million, a PE ratio of 5.59 and a beta of 0.95.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on HRTG shares. Weiss Ratings restated a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.50.

Insiders Place Their Bets

In other Heritage Insurance news, CEO Ernie J. Garateix sold 8,334 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $24.12, for a total value of $201,016.08. Following the transaction, the chief executive officer directly owned 1,120,170 shares of the company’s stock, valued at approximately $27,018,500.40. The trade was a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 40,002 shares of company stock valued at $1,090,251. Company insiders own 14.00% of the company’s stock.

Institutional Trading of Heritage Insurance

Several hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Heritage Insurance by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after acquiring an additional 546 shares during the period. Graham Capital Management L.P. raised its holdings in Heritage Insurance by 4.2% during the fourth quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider’s stock worth $567,000 after purchasing an additional 789 shares in the last quarter. Advisory Services Network LLC purchased a new position in Heritage Insurance during the third quarter worth about $25,000. Finally, Mcguire Capital Advisors Inc. acquired a new stake in Heritage Insurance in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.