Heritage Insurance (NYSE:HRTG) Rating Increased to Strong-Buy at StockNews.com

Heritage Insurance (NYSE:HRTG) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Tuesday.

Other equities research analysts have also issued reports about the company. Piper Sandler upgraded Heritage Insurance from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $9.00 to $13.00 in a research note on Friday, August 9th. Truist Financial increased their target price on shares of Heritage Insurance from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Heritage Insurance has a consensus rating of “Buy” and an average target price of $10.67.

Heritage Insurance Price Performance

HRTG opened at $11.81 on Tuesday. Heritage Insurance has a 1 year low of $5.03 and a 1 year high of $16.90. The company’s 50 day simple moving average is $13.26 and its 200 day simple moving average is $10.23. The stock has a market capitalization of $361.81 million, a PE ratio of 7.20 and a beta of 0.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 0.76.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. The company had revenue of $203.57 million for the quarter, compared to analyst estimates 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 last year, the business earned $0.32 EPS. As a group, sell-side analysts expect that Heritage Insurance will post 1.93 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Heritage Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the company. ClariVest Asset Management LLC raised its holdings in shares of Heritage Insurance by 2.7% during the second quarter. ClariVest Asset Management LLC now owns 61,396 shares of the insurance provider’s stock worth $435,000 after purchasing an additional 1,620 shares during the period. Victory Capital Management Inc. lifted its holdings in Heritage Insurance by 3.9% in the second quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock worth $750,000 after acquiring an additional 4,000 shares during the last quarter. Innealta Capital LLC acquired a new position in Heritage Insurance in the second quarter valued at approximately $30,000. Empowered Funds LLC boosted its stake in Heritage Insurance by 8.1% in the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock valued at $1,030,000 after acquiring an additional 7,203 shares during the period. Finally, Valmark Advisers Inc. bought a new position in shares of Heritage Insurance during the second quarter valued at approximately $80,000. 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.