Heritage Insurance (NYSE:HRTG) Posts Quarterly Earnings Results, Misses Expectations By $0.34 EPS

Heritage Insurance (NYSE:HRTG) announced its quarterly earnings data on Thursday. The insurance provider reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.34), FiscalAI reports. Heritage Insurance had a return on equity of 45.62% and a net margin of 23.76%.The company had revenue of $212.66 million for the quarter, compared to analysts’ expectations of $215.39 million.

Heritage Insurance Trading Down 20.4%

Heritage Insurance stock traded down $5.73 during mid-day trading on Friday, hitting $22.31. The company’s stock had a trading volume of 1,789,354 shares, compared to its average volume of 282,509. The firm has a market capitalization of $676.96 million, a PE ratio of 3.42 and a beta of 1.03. Heritage Insurance has a 1 year low of $16.83 and a 1 year high of $31.98. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16. The stock’s fifty day moving average is $27.37 and its two-hundred day moving average is $27.06.

Insider Buying and Selling

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $25.72, for a total transaction of $236,624.00. Following the completion of the transaction, the chief accounting officer owned 133,188 shares of the company’s stock, valued at $3,425,595.36. This trade represents a 6.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 29,133 shares of the stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $26.63, for a total transaction of $775,811.79. Following the transaction, the insider directly owned 210,535 shares of the company’s stock, valued at approximately $5,606,547.05. This trade represents a 12.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 130,918 shares of company stock worth $3,446,606. Company insiders own 15.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new position in Heritage Insurance during the fourth quarter worth $103,000. BNP Paribas Financial Markets lifted its stake in Heritage Insurance by 77.2% during the third quarter. BNP Paribas Financial Markets now owns 5,379 shares of the insurance provider’s stock worth $135,000 after purchasing an additional 2,344 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Heritage Insurance by 1,366.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,299 shares of the insurance provider’s stock worth $207,000 after purchasing an additional 7,733 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in Heritage Insurance during the second quarter worth $205,000. Finally, New York State Common Retirement Fund lifted its stake in Heritage Insurance by 127.6% during the second quarter. New York State Common Retirement Fund now owns 6,600 shares of the insurance provider’s stock worth $165,000 after purchasing an additional 3,700 shares in the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on HRTG shares. Truist Financial lifted their price objective on Heritage Insurance from $37.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 11th. Citigroup reiterated a “market perform” rating on shares of Heritage Insurance in a research report on Tuesday, March 10th. Wall Street Zen downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $39.00.

Heritage Insurance Company Profile

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.