Heritage Insurance Holdings, Inc. (NYSE:HRTG) Receives $36.50 Consensus Target Price from Brokerages

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) have been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $36.50.

Several equities research analysts recently weighed in on HRTG shares. Truist Financial upped their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen cut shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Piper Sandler upped their price target 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 reiterated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Finally, Zacks Research raised shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th.

Insider Buying and Selling

In other news, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $32.49, for a total value of $490,728.96. Following the sale, the insider directly owned 144,941 shares in the company, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $30.03, for a total transaction of $276,276.00. Following the sale, the chief accounting officer directly owned 96,388 shares in the company, valued at $2,894,531.64. This trade represents a 8.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 42,704 shares of company stock worth $1,235,653 in the last ninety days. 9.20% of the stock is owned by insiders.

Institutional Trading of Heritage Insurance

A number of hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC bought a new stake in shares of Heritage Insurance in the 3rd quarter valued at about $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Heritage Insurance during the fourth quarter worth about $31,000. Royal Bank of Canada grew its holdings in Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after buying an additional 497 shares in the last quarter. Optiver Holding B.V. increased its stake in Heritage Insurance by 510.0% in the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after buying an additional 1,173 shares during the last quarter. Finally, Pinnacle Holdings LLC bought a new stake in shares of Heritage Insurance during the 2nd quarter worth $48,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Trading Up 0.7%

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

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

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.