Heritage Insurance (NYSE:HRTG) Rating Increased to Strong-Buy at StockNews.com

Heritage Insurance (NYSE:HRTG) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Tuesday.

Several other brokerages have also commented on HRTG. Truist Financial upped their price target on Heritage Insurance from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Piper Sandler upgraded shares of Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their price target for the company from $9.00 to $13.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $10.67.

Heritage Insurance Trading Down 3.8 %

Shares of HRTG traded down $0.47 during mid-day trading on Tuesday, hitting $11.77. The company had a trading volume of 1,169,292 shares, compared to its average volume of 452,693. Heritage Insurance has a 1-year low of $5.03 and a 1-year high of $16.90. The business’s 50-day simple moving average is $13.18 and its 200-day simple moving average is $10.22. The stock has a market cap of $360.59 million, a PE ratio of 7.18 and a beta of 0.97. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.47.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.23. The company had revenue of $203.57 million during the quarter, compared to analysts’ expectations of $196.81 million. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. During the same period in the previous year, the company earned $0.32 EPS. Sell-side analysts forecast that Heritage Insurance will post 1.93 earnings per share for the current year.

Insider Transactions at Heritage Insurance

In related news, CEO Ernie J. Garateix bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $8.59 per share, for a total transaction of $42,950.00. Following the acquisition, the chief executive officer now owns 1,072,584 shares in the company, valued at approximately $9,213,496.56. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Ernie J. Garateix purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average price of $8.59 per share, with a total value of $42,950.00. Following the purchase, the chief executive officer now directly owns 1,072,584 shares of the company’s stock, valued at approximately $9,213,496.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Widdicombe acquired 4,437 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was purchased at an average cost of $14.55 per share, with a total value of $64,558.35. Following the completion of the transaction, the chairman now owns 696,497 shares in the company, valued at $10,134,031.35. The disclosure for this purchase can be found here. Company insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

A number of institutional investors have recently made changes to their positions in the business. ClariVest Asset Management LLC raised its holdings in Heritage Insurance by 2.7% in the second quarter. ClariVest Asset Management LLC now owns 61,396 shares of the insurance provider’s stock valued at $435,000 after acquiring an additional 1,620 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Heritage Insurance by 3.9% in the 2nd quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock valued at $750,000 after purchasing an additional 4,000 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Heritage Insurance during the second quarter worth about $30,000. Empowered Funds LLC grew its stake in Heritage Insurance by 8.1% in the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock worth $1,030,000 after purchasing an additional 7,203 shares in the last quarter. Finally, Valmark Advisers Inc. bought a new stake in Heritage Insurance in the second quarter valued at about $80,000. 59.03% of the stock is owned by institutional investors and hedge funds.

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.