Heritage Insurance Holdings, Inc. (NYSE:HRTG) Receives $36.50 Consensus PT from Brokerages

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) have been given a consensus recommendation of “Buy” by the five ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $36.50.

Several brokerages have recently weighed in on HRTG. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Piper Sandler upped their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Heritage Insurance in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Truist Financial increased their price objective on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th.

Heritage Insurance Stock Up 1.9%

Heritage Insurance stock opened at $33.90 on Friday. Heritage Insurance has a 1-year low of $20.48 and a 1-year high of $36.50. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 4.83 and a beta of 0.89. The company has a current ratio of 0.83, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $27.23 and a 200 day simple moving average of $26.31.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.80. The company had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, analysts predict that Heritage Insurance will post 5.5 earnings per share for the current year.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, Director Paul L. Whiting purchased 16,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average price of $23.56 per share, for a total transaction of $376,960.00. Following the transaction, the director owned 103,126 shares in the company, valued at $2,429,648.56. The trade was a 18.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Timothy Moura sold 15,104 shares of Heritage Insurance stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $32.49, for a total value of $490,728.96. Following the sale, 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,704 shares of company stock valued at $1,235,653 in the last 90 days. Corporate insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC increased its position in shares of 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 valued at $690,000 after purchasing an additional 489 shares during the last quarter. Royal Bank of Canada boosted 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 worth $35,000 after buying an additional 497 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Heritage Insurance by 4.2% during 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 last quarter. Graham Capital Management L.P. grew its position in Heritage Insurance by 4.2% during 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 last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Heritage Insurance during the third quarter worth approximately $25,000. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

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.