Heritage Insurance Holdings Inc. (NYSE:HRTG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

According to Zacks, “Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. Through its subsidiary, Heritage Property & Casualty Insurance Company, the Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance Holdings, Inc. is based in Clearwater, Florida. “

A number of other brokerages also recently commented on HRTG. Citigroup Inc. decreased their price objective on shares of Heritage Insurance Holdings from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, October 11th. Sandler O’Neill raised shares of Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Friday, September 23rd. Finally, Keefe, Bruyette & Woods set a $17.00 price objective on shares of Heritage Insurance Holdings and gave the company a “buy” rating in a research report on Tuesday, August 9th. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $16.33.

Heritage Insurance Holdings (NYSE:HRTG) opened at 14.20 on Friday. The company has a 50-day moving average of $12.72 and a 200 day moving average of $12.96. Heritage Insurance Holdings has a 52-week low of $11.25 and a 52-week high of $23.58. The firm has a market cap of $421.74 million, a price-to-earnings ratio of 7.49 and a beta of 1.13.

Heritage Insurance Holdings (NYSE:HRTG) last issued its quarterly earnings results on Tuesday, November 8th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.01. Heritage Insurance Holdings had a net margin of 13.02% and a return on equity of 15.58%. The business earned $109.30 million during the quarter, compared to analyst estimates of $109.44 million. During the same quarter in the previous year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was up 22.5% on a year-over-year basis. On average, equities research analysts anticipate that Heritage Insurance Holdings will post $1.09 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Thursday, December 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 13th. Heritage Insurance Holdings’s payout ratio is 12.70%.

In related news, Director James Masiello bought 20,000 shares of Heritage Insurance Holdings stock in a transaction that occurred on Monday, August 22nd. The stock was acquired at an average price of $12.96 per share, with a total value of $259,200.00. Following the acquisition, the director now owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vijay Walvekar sold 5,000 shares of Heritage Insurance Holdings stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $13.90, for a total transaction of $69,500.00. The disclosure for this sale can be found here. Corporate insiders own 15.10% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. increased its stake in shares of Heritage Insurance Holdings by 15.1% in the second quarter. Ameriprise Financial Inc. now owns 887,354 shares of the company’s stock valued at $10,623,000 after buying an additional 116,196 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Heritage Insurance Holdings by 4.8% in the third quarter. BlackRock Fund Advisors now owns 741,962 shares of the company’s stock valued at $10,692,000 after buying an additional 34,272 shares during the last quarter. Polar Capital LLP increased its stake in shares of Heritage Insurance Holdings by 6.7% in the third quarter. Polar Capital LLP now owns 720,000 shares of the company’s stock valued at $10,375,000 after buying an additional 45,000 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Heritage Insurance Holdings by 8.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 621,874 shares of the company’s stock valued at $8,961,000 after buying an additional 49,671 shares during the last quarter. Finally, Rothschild Asset Management Inc. increased its stake in shares of Heritage Insurance Holdings by 9.1% in the second quarter. Rothschild Asset Management Inc. now owns 446,258 shares of the company’s stock valued at $5,342,000 after buying an additional 37,199 shares during the last quarter. 55.40% of the stock is owned by institutional investors and hedge funds.

About Heritage Insurance Holdings

Heritage Insurance Holdings, Inc is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company, it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.

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