Heritage Insurance (NYSE:HRTG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a buy rating in a research report sent to investors on Saturday.

Several other brokerages also recently weighed in on HRTG. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Heritage Insurance in a research note on Friday, August 7th. Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Piper Sandler raised their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, Truist Financial boosted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $36.50.

Heritage Insurance Stock Performance

NYSE HRTG opened at $34.10 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $1.01 billion, a P/E ratio of 4.86 and a beta of 0.89. The stock has a 50-day moving average of $27.48 and a two-hundred day moving average of $26.37. Heritage Insurance has a 1-year low of $20.48 and a 1-year high of $36.50.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The business had revenue of $214.19 million for the quarter, compared to analysts’ expectations of $212.71 million. As a group, analysts anticipate that Heritage Insurance will post 5.5 EPS for the current year.

Insider Buying and Selling

In other Heritage Insurance news, insider Timothy Moura sold 15,104 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $32.49, for a total transaction of $490,728.96. Following the completion of the transaction, the insider owned 144,941 shares in the company, valued at $4,709,133.09. The trade was a 9.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $30.03, for a total transaction of $276,276.00. Following the transaction, the chief accounting officer owned 96,388 shares of the company’s stock, valued at $2,894,531.64. This trade represents a 8.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 42,704 shares of company stock valued at $1,235,653 in the last quarter. 9.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Heritage Insurance

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Heritage Insurance by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after buying an additional 234,296 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Heritage Insurance by 52.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider’s stock worth $5,740,000 after buying an additional 75,339 shares during the last quarter. Denali Advisors LLC acquired a new position in shares of Heritage Insurance during the 4th quarter worth about $2,490,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Heritage Insurance during the 1st quarter worth about $2,212,000. Finally, Inspire Investing LLC acquired a new position in shares of Heritage Insurance during the 1st quarter worth about $1,547,000. 59.03% of the stock is 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.