Heritage Insurance (NYSE:HRTG) Posts Quarterly Earnings Results, Beats Expectations By $1.10 EPS

Heritage Insurance (NYSE:HRTG) released its quarterly earnings data on Wednesday. The insurance provider reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $1.10, FiscalAI reports. Heritage Insurance had a net margin of 17.72% and a return on equity of 44.62%. The firm had revenue of $212.46 million for the quarter, compared to the consensus estimate of $210.12 million.

Heritage Insurance Price Performance

Shares of NYSE:HRTG traded up $1.69 on Friday, hitting $29.54. The company had a trading volume of 546,889 shares, compared to its average volume of 396,940. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.24. The company has a market cap of $916.18 million, a PE ratio of 6.11 and a beta of 0.95. Heritage Insurance has a 52-week low of $9.89 and a 52-week high of $29.96. The business has a 50 day moving average of $24.48 and a 200 day moving average of $23.05.

Insider Activity

In other news, Chairman Richard A. Widdicombe sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $27.26, for a total value of $2,726,000.00. Following the completion of the transaction, the chairman owned 499,047 shares of the company’s stock, valued at $13,604,021.22. The trade was a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Sharon Binnun sold 21,000 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $24.47, for a total transaction of $513,870.00. Following the transaction, the chief accounting officer directly owned 176,006 shares in the company, valued at $4,306,866.82. The trade was a 10.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 322,668 shares of company stock worth $8,147,141. Company insiders own 15.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Heritage Insurance by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after purchasing an additional 546 shares during the period. Millennium Management LLC increased its stake in Heritage Insurance by 39.8% in the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock valued at $4,657,000 after purchasing an additional 91,982 shares during the last quarter. Empowered Funds LLC lifted its position in Heritage Insurance by 8.4% during the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after buying an additional 9,728 shares during the period. Strs Ohio acquired a new stake in Heritage Insurance in the 1st quarter worth about $127,000. Finally, JPMorgan Chase & Co. grew its holdings in Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after buying an additional 128,927 shares during the period. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on HRTG. Truist Financial lifted their price target on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday. Weiss Ratings raised Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday, October 25th. Wall Street Zen downgraded Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Zacks Research lowered Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.50.

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.