Heritage Insurance (NYSE:HRTG) Upgraded to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Heritage Insurance (NYSE:HRTG) from a neutral rating to an overweight rating in a report published on Friday morning, MarketBeat.com reports. Piper Sandler currently has $13.00 price target on the insurance provider’s stock, up from their prior price target of $9.00.

Other equities research analysts also recently issued reports about the company. StockNews.com raised Heritage Insurance from a hold rating to a buy rating in a research note on Thursday. JMP Securities restated a market perform rating on shares of Heritage Insurance in a report on Monday, April 15th. Finally, Truist Financial upped their price objective on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a buy rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $10.67.

Heritage Insurance Price Performance

HRTG stock traded up $2.17 during trading hours on Friday, hitting $10.33. 1,482,629 shares of the stock traded hands, compared to its average volume of 408,815. The stock has a 50-day simple moving average of $7.45 and a 200 day simple moving average of $8.01. Heritage Insurance has a one year low of $4.28 and a one year high of $11.23. The company has a market cap of $316.47 million, a P/E ratio of 6.30 and a beta of 0.90. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.52.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.38 by $0.23. Heritage Insurance had a net margin of 6.07% and a return on equity of 24.02%. The company had revenue of $203.57 million during the quarter, compared to analysts’ expectations of $196.81 million. During the same period last year, the company posted $0.32 earnings per share. Equities analysts forecast that Heritage Insurance will post 1.45 earnings per share for the current year.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, Director Paul L. Whiting purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were bought at an average price of $7.74 per share, for a total transaction of $38,700.00. Following the purchase, the director now directly owns 64,662 shares in the company, valued at approximately $500,483.88. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 14.00% of the company’s stock.

Institutional Trading of Heritage Insurance

Several large investors have recently modified their holdings of HRTG. Innealta Capital LLC acquired a new position in shares of Heritage Insurance in the 2nd quarter valued at $30,000. Tower Research Capital LLC TRC acquired a new stake in shares of Heritage Insurance during the 4th quarter worth about $40,000. Valmark Advisers Inc. acquired a new stake in shares of Heritage Insurance during the 2nd quarter worth about $80,000. Fortis Capital Advisors LLC acquired a new stake in shares of Heritage Insurance during the 1st quarter worth about $134,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Heritage Insurance during the 1st quarter worth about $155,000. 59.03% of the stock is owned by 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.