Stock Repurchase Plan Declared by Heritage Insurance (NYSE:HRTG) Board of Directors

Heritage Insurance (NYSE:HRTG) declared that its Board of Directors has approved a share buyback plan on Monday, December 9th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 2.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Heritage Insurance Stock Performance

Shares of NYSE:HRTG opened at $11.79 on Tuesday. The company’s 50 day moving average price is $11.38 and its two-hundred day moving average price is $10.81. Heritage Insurance has a 12-month low of $5.51 and a 12-month high of $16.90. The firm has a market cap of $361.72 million, a PE ratio of 4.72 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.42.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.25. The business had revenue of $211.85 million for the quarter, compared to analyst estimates of $209.91 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. During the same quarter last year, the business posted ($0.28) EPS. Equities research analysts predict that Heritage Insurance will post 1.27 earnings per share for the current year.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Monday, November 25th.

Insider Buying and Selling

In related news, Director Nicholas George Pappas sold 4,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $12.64, for a total value of $50,560.00. Following the completion of the transaction, the director now owns 76,314 shares of the company’s stock, valued at $964,608.96. This represents a 4.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 14.00% of the stock is currently owned by company insiders.

About Heritage Insurance

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.