Heritage Insurance (NYSE:HRTG) Releases Quarterly Earnings Results, Beats Expectations By $0.80 EPS

Heritage Insurance (NYSE:HRTG) issued its quarterly earnings data on Wednesday. The insurance provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.25 by $0.80, Zacks reports. The company had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%.

Heritage Insurance Stock Performance

Shares of NYSE HRTG opened at $30.23 on Thursday. The stock has a market cap of $917.57 million, a PE ratio of 4.64 and a beta of 0.89. Heritage Insurance has a 1 year low of $16.83 and a 1 year high of $31.98. The firm has a fifty day moving average price of $25.59 and a 200-day moving average price of $25.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

Analyst Ratings Changes

Several research analysts have issued reports on HRTG shares. Wall Street Zen cut Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research upgraded shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Piper Sandler raised their price objective 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 cut Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Finally, Truist Financial lowered their target price on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.50.

Insiders Place Their Bets

In other Heritage Insurance news, Director Paul L. Whiting purchased 16,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were acquired at an average cost of $23.56 per share, with a total value of $376,960.00. Following the completion of the acquisition, the director directly owned 103,126 shares in the company, valued at $2,429,648.56. The trade was a 18.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total value of $276,276.00. Following the completion of the transaction, the chief accounting officer owned 96,388 shares in the company, valued at $2,894,531.64. The trade was a 8.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 27,600 shares of company stock worth $744,924. 9.20% of the stock is owned by corporate insiders.

Institutional Trading of Heritage Insurance

Several institutional investors have recently made changes to their positions in HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Heritage Insurance by 4.2% in 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 lifted its holdings in shares of Heritage Insurance by 39.8% in the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after buying an additional 91,982 shares in the last quarter. Empowered Funds LLC boosted its position in shares of 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 acquiring an additional 9,728 shares during the last quarter. Strs Ohio bought a new position in shares of Heritage Insurance during the first quarter worth $127,000. Finally, JPMorgan Chase & Co. grew its stake in Heritage Insurance by 1,078.7% during the second quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after acquiring an additional 128,927 shares in the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

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.