Zacks Research Upgrades Heritage Insurance (NYSE:HRTG) to Strong-Buy

Heritage Insurance (NYSE:HRTG) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

HRTG has been the subject of a number of other research reports. Truist Financial lifted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Piper Sandler increased their price objective on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Wall Street Zen cut shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Heritage Insurance in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $36.50.

Heritage Insurance Price Performance

HRTG stock opened at $33.18 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $986.44 million, a P/E ratio of 4.73 and a beta of 0.89. The business’s 50-day moving average is $26.99 and its two-hundred day moving average is $26.26. Heritage Insurance has a 1 year low of $20.48 and a 1 year high of $36.50.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.80. Heritage Insurance had a return on equity of 44.15% and a net margin of 25.19%.The business had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Analysts anticipate that Heritage Insurance will post 5.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Heritage Insurance news, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $32.49, for a total transaction of $490,728.96. Following the transaction, the insider owned 144,941 shares of the company’s stock, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul L. Whiting acquired 16,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $23.56 per share, for a total transaction of $376,960.00. Following the acquisition, the director owned 103,126 shares of the company’s stock, valued at approximately $2,429,648.56. The trade was a 18.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 42,704 shares of company stock worth $1,235,653 in the last ninety days. 9.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in HRTG. Kestra Private Wealth Services LLC grew its stake in Heritage Insurance by 1.9% during the 1st quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider’s stock worth $690,000 after buying an additional 489 shares during the last quarter. Royal Bank of Canada lifted its stake in Heritage Insurance by 72.6% in the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after buying an additional 497 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock valued at $196,000 after acquiring an additional 546 shares during the period. Graham Capital Management L.P. boosted its holdings in shares of Heritage Insurance by 4.2% in the fourth quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider’s stock valued at $567,000 after acquiring an additional 789 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of Heritage Insurance during the third quarter worth approximately $25,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

About Heritage Insurance

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.