Heritage Insurance (NYSE:HRTG) Releases Earnings Results, Beats Expectations By $1.10 EPS

Heritage Insurance (NYSE:HRTG) announced its quarterly earnings results on Wednesday. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $1.10, FiscalAI reports. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. The firm had revenue of $212.46 million for the quarter, compared to the consensus estimate of $210.12 million.

Heritage Insurance Trading Up 11.6%

HRTG stock traded up $2.88 on Thursday, reaching $27.64. The company’s stock had a trading volume of 532,096 shares, compared to its average volume of 394,431. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $857.31 million, a PE ratio of 7.95 and a beta of 0.95. The business has a fifty day simple moving average of $24.38 and a two-hundred day simple moving average of $23.02. Heritage Insurance has a 12-month low of $9.89 and a 12-month high of $29.10.

Insider Buying and Selling at Heritage Insurance

In other news, Director Paul L. Whiting acquired 2,500 shares of the stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $20.50 per share, with a total value of $51,250.00. Following the completion of the transaction, the director owned 87,126 shares of the company’s stock, valued at $1,786,083. This represents a 2.95% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ernie J. Garateix sold 25,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $24.61, for a total value of $615,250.00. Following the transaction, the chief executive officer directly owned 1,245,808 shares of the company’s stock, valued at $30,659,334.88. This represents a 1.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 302,668 shares of company stock valued at $7,663,554. Company insiders own 15.20% of the company’s stock.

Institutional Trading of Heritage Insurance

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its stake in Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock valued at $4,657,000 after acquiring an additional 91,982 shares during the period. Qube Research & Technologies Ltd lifted its stake in Heritage Insurance by 62.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 178,839 shares of the insurance provider’s stock valued at $4,460,000 after acquiring an additional 68,411 shares during the period. JPMorgan Chase & Co. raised its stake in Heritage Insurance by 1,078.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after buying an additional 128,927 shares during the last quarter. Empowered Funds LLC raised its stake in Heritage Insurance by 8.4% during the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock valued at $1,800,000 after buying an additional 9,728 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in Heritage Insurance by 21.9% during the 2nd quarter. Raymond James Financial Inc. now owns 112,403 shares of the insurance provider’s stock valued at $2,803,000 after buying an additional 20,186 shares during the last quarter. 59.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on HRTG. Truist Financial raised their target price on shares of Heritage Insurance from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Zacks Research downgraded shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings upgraded shares of Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. Finally, Wall Street Zen cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Heritage Insurance has an average rating of “Moderate Buy” and a consensus target price of $31.50.

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.