Heritage Insurance (NYSE:HRTG) Raised to “Strong-Buy” at Zacks Research

Heritage Insurance (NYSE:HRTG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Piper Sandler lifted their price objective on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Heritage Insurance in a research note on Friday, August 7th. Truist Financial raised their target price on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wall Street Zen lowered Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Heritage Insurance presently has a consensus rating of “Buy” and a consensus price target of $36.50.

Heritage Insurance Stock Up 0.7%

Shares of NYSE HRTG opened at $33.18 on Wednesday. The firm has a market capitalization of $986.44 million, a PE ratio of 4.73 and a beta of 0.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. Heritage Insurance has a 1 year low of $20.48 and a 1 year high of $36.50. The firm’s 50-day moving average is $26.99 and its 200-day moving average is $26.26.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.80. The business had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 44.15%. Equities analysts expect that Heritage Insurance will post 5.5 EPS for the current year.

Insider Activity

In other news, Director Paul L. Whiting purchased 16,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $23.56 per share, with a total value of $376,960.00. Following the acquisition, the director directly owned 103,126 shares of the company’s stock, valued at approximately $2,429,648.56. This represents a 18.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Timothy Moura sold 15,104 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $32.49, for a total transaction of $490,728.96. Following the completion of the sale, the insider owned 144,941 shares of the company’s stock, valued at approximately $4,709,133.09. This represents a 9.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 42,704 shares of company stock valued at $1,235,653 in the last quarter. Company insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several large investors have recently modified their holdings of the business. Advisory Services Network LLC acquired a new stake in shares of Heritage Insurance during the third quarter worth about $25,000. Mcguire Capital Advisors Inc. bought a new stake in Heritage Insurance during the 4th quarter worth approximately $31,000. Royal Bank of Canada increased its stake in Heritage Insurance by 72.6% during the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 497 shares in the last quarter. Optiver Holding B.V. raised its holdings in Heritage Insurance by 510.0% during the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock worth $37,000 after buying an additional 1,173 shares during the period. Finally, Pinnacle Holdings LLC acquired a new stake in Heritage Insurance during the 2nd quarter worth approximately $48,000. 59.03% of the stock is currently owned by institutional investors.

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.