Heritage Insurance (NYSE:HRTG) Rating Lowered to Hold at StockNews.com

Heritage Insurance (NYSE:HRTG) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

HRTG has been the topic of several other research reports. Truist Financial lifted their target price on shares of Heritage Insurance from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, March 13th. JMP Securities reissued a “market perform” rating on shares of Heritage Insurance in a research note on Monday, April 15th. Finally, Piper Sandler restated a “neutral” rating and issued a $9.00 price objective on shares of Heritage Insurance in a report on Monday, April 1st. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Heritage Insurance currently has a consensus rating of “Hold” and an average target price of $9.00.

Heritage Insurance Stock Up 2.3 %

HRTG traded up $0.18 on Thursday, hitting $8.15. The company had a trading volume of 510,846 shares, compared to its average volume of 382,001. The stock has a market capitalization of $249.72 million, a price-to-earnings ratio of 4.97 and a beta of 0.92. The stock has a fifty day moving average price of $9.20 and a 200-day moving average price of $7.61. Heritage Insurance has a 12-month low of $3.20 and a 12-month high of $11.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.77 and a current ratio of 0.77.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.14). Heritage Insurance had a return on equity of 25.96% and a net margin of 6.07%. The firm had revenue of $191.30 million for the quarter, compared to analyst estimates of $189.05 million. During the same period in the prior year, the firm posted $0.55 EPS. Analysts predict that Heritage Insurance will post 1.52 EPS for the current fiscal year.

Insider Transactions at Heritage Insurance

In related news, Director Paul L. Whiting purchased 20,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $8.14 per share, with a total value of $162,800.00. Following the completion of the acquisition, the director now directly owns 20,000 shares in the company, valued at approximately $162,800. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.90% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its position in shares of Heritage Insurance by 265.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 314,856 shares of the insurance provider’s stock valued at $3,353,000 after purchasing an additional 228,655 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in Heritage Insurance in the fourth quarter valued at $40,000. Essex Investment Management Co. LLC boosted its stake in Heritage Insurance by 11.2% during the 4th quarter. Essex Investment Management Co. LLC now owns 372,076 shares of the insurance provider’s stock valued at $2,426,000 after acquiring an additional 37,581 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Heritage Insurance by 13.0% during the 4th quarter. Victory Capital Management Inc. now owns 104,000 shares of the insurance provider’s stock worth $678,000 after acquiring an additional 12,000 shares in the last quarter. Finally, Ritholtz Wealth Management increased its position in shares of Heritage Insurance by 232.0% in the 4th quarter. Ritholtz Wealth Management now owns 34,097 shares of the insurance provider’s stock worth $222,000 after purchasing an additional 23,826 shares during the last quarter. Institutional investors and hedge funds own 59.03% of the company’s stock.

About Heritage Insurance

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.