Heritage Insurance (NYSE:HRTG) Sets New 1-Year High After Analyst Upgrade

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares hit a new 52-week high during trading on Friday after Truist Financial raised their price target on the stock from $35.00 to $37.00. Truist Financial currently has a buy rating on the stock. Heritage Insurance traded as high as $29.10 and last traded at $28.8710, with a volume of 200695 shares trading hands. The stock had previously closed at $27.85.

Several other equities analysts have also recently commented on the stock. Zacks Research cut shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings upgraded Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday, October 25th. Finally, Wall Street Zen downgraded Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Heritage Insurance has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Insider Buying and Selling

In related news, CAO Sharon Binnun sold 21,000 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $24.47, for a total value of $513,870.00. Following the completion of the sale, the chief accounting officer directly owned 176,006 shares in the company, valued at approximately $4,306,866.82. The trade was a 10.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard A. Widdicombe sold 100,000 shares of the 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 transaction, the chairman owned 499,047 shares in the company, valued at approximately $13,604,021.22. This trade represents a 16.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 322,668 shares of company stock valued at $8,147,141 in the last three months. 15.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Heritage Insurance by 8.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,646,731 shares of the insurance provider’s stock worth $41,465,000 after acquiring an additional 132,271 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Heritage Insurance by 58.9% during the second quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock worth $23,498,000 after buying an additional 349,168 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Heritage Insurance by 17.7% during the second quarter. American Century Companies Inc. now owns 796,605 shares of the insurance provider’s stock worth $19,867,000 after buying an additional 119,791 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Heritage Insurance by 33.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock worth $16,180,000 after purchasing an additional 163,142 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Heritage Insurance by 69.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after purchasing an additional 216,019 shares during the period. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Stock Up 2.9%

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $24.48 and a two-hundred day simple moving average of $23.05. The company has a market capitalization of $889.03 million, a price-to-earnings ratio of 5.93 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings results on Wednesday, November 5th. The insurance provider reported $1.63 EPS for the quarter, beating the consensus estimate of $0.53 by $1.10. Heritage Insurance had a return on equity of 44.62% and a net margin of 17.72%.The business had revenue of $212.46 million for the quarter, compared to analyst estimates of $210.12 million. Equities analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

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.