Heritage Insurance (NYSE:HRTG) Issues Earnings Results

Heritage Insurance (NYSE:HRTG) posted its quarterly earnings data on Wednesday. The insurance provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.81, FiscalAI reports. The company had revenue of $219.24 million during the quarter, compared to analysts’ expectations of $217.34 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%.

Heritage Insurance Price Performance

Shares of NYSE:HRTG traded up $2.24 during trading hours on Thursday, hitting $36.97. 161,190 shares of the company’s stock traded hands, compared to its average volume of 341,918. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. Heritage Insurance has a 52 week low of $20.48 and a 52 week high of $37.87. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 5.27 and a beta of 0.92. The company’s fifty day simple moving average is $34.70 and its two-hundred day simple moving average is $28.50.

Insider Activity

In related news, insider Timothy E. Johns sold 3,500 shares of the company’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of $35.91, for a total transaction of $125,685.00. Following the transaction, the insider directly owned 18,438 shares of the company’s stock, valued at approximately $662,108.58. The trade was a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie Garateix sold 2,500 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $35.25, for a total transaction of $88,125.00. Following the completion of the sale, the chief executive officer directly owned 1,035,955 shares of the company’s stock, valued at $36,517,413.75. This trade represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 80,569 shares of company stock valued at $2,703,920 over the last ninety days. Corporate insiders own 9.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HRTG. Piper Sandler lifted their target price on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, September 8th. Wall Street Zen raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Raymond James Financial started coverage on Heritage Insurance in a research note on Friday, October 16th. They set a “market perform” rating on the stock. Finally, Truist Financial boosted their price objective on Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.50.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE:HRTG) is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.