Heritage Insurance (NYSE:HRTG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a strong-buy rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also weighed in on the company. Raymond James Financial assumed coverage on Heritage Insurance in a report on Friday. They issued a “market perform” rating on the stock. Weiss Ratings raised shares of Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 8th. Piper Sandler upped their target price 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. Zacks Research lowered shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Finally, Truist Financial increased their target price on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

Heritage Insurance Price Performance

NYSE:HRTG opened at $35.88 on Friday. Heritage Insurance has a 12 month low of $20.48 and a 12 month high of $37.30. The stock has a 50 day moving average of $34.25 and a two-hundred day moving average of $28.88. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.07 billion, a P/E ratio of 5.10 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.80. The business had revenue of $214.19 million during the quarter, compared to analysts’ expectations of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, analysts expect that Heritage Insurance will post 5.50 earnings per share for the current fiscal year.

Insider Activity

In other Heritage Insurance news, insider Timothy E. Johns sold 3,500 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total value of $117,880.00. Following the completion of the sale, the insider directly owned 25,438 shares in the company, valued at $856,751.84. This represents a 12.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 15,104 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $32.49, for a total value of $490,728.96. Following the completion of the sale, the insider owned 144,941 shares of the company’s stock, valued at approximately $4,709,133.09. The trade was a 9.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 77,069 shares of company stock valued at $2,578,235 in the last 90 days. 9.20% of the stock is owned by insiders.

Institutional Trading of Heritage Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Heritage Insurance in the second quarter worth approximately $60,842,000. Dimensional Fund Advisors LP increased its stake in Heritage Insurance by 3.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider’s stock worth $32,732,000 after acquiring an additional 36,879 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Heritage Insurance during the second quarter worth $14,437,000. Assenagon Asset Management S.A. increased its stake in Heritage Insurance by 7.4% during the third quarter. Assenagon Asset Management S.A. now owns 282,917 shares of the insurance provider’s stock worth $9,379,000 after acquiring an additional 19,596 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in Heritage Insurance in the second quarter valued at $6,070,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company focused primarily on residential property insurance. Through its operating subsidiaries, the company provides coverage for homeowners, condominium owners, renters, and other residential property owners, including protection against risks such as wind, storm, fire, and other covered losses.

Heritage has historically concentrated on catastrophe-exposed markets, particularly Florida and other coastal areas of the southeastern United States.