Heritage Insurance (NYSE:HRTG) Raised to “Buy” at StockNews.com

Heritage Insurance (NYSE:HRTG) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

HRTG has been the topic of several other research reports. Piper Sandler raised Heritage Insurance from a “neutral” rating to an “overweight” rating and increased their target price for the company from $9.00 to $13.00 in a report on Friday, August 9th. Truist Financial increased their price objective on Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, August 8th.

Heritage Insurance Stock Performance

Shares of HRTG opened at $12.44 on Monday. The stock has a 50-day simple moving average of $11.95 and a 200-day simple moving average of $10.60. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. Heritage Insurance has a 1 year low of $5.51 and a 1 year high of $16.90. The stock has a market capitalization of $381.71 million, a PE ratio of 4.98 and a beta of 0.98.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $0.27 EPS for the quarter, topping the consensus estimate of $0.02 by $0.25. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The company had revenue of $211.85 million during the quarter, compared to analysts’ expectations of $209.91 million. During the same quarter in the previous year, the business posted ($0.28) EPS. On average, analysts predict that Heritage Insurance will post 1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Nicholas George Pappas sold 4,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $12.64, for a total value of $50,560.00. Following the completion of the sale, the director now directly owns 76,314 shares of the company’s stock, valued at approximately $964,608.96. This represents a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.00% of the stock is owned by company insiders.

Institutional Trading of Heritage Insurance

Several institutional investors and hedge funds have recently bought and sold shares of HRTG. State Street Corp increased its stake in Heritage Insurance by 27.4% in the third quarter. State Street Corp now owns 371,057 shares of the insurance provider’s stock valued at $4,542,000 after purchasing an additional 79,802 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Heritage Insurance during the third quarter worth about $467,000. Centiva Capital LP acquired a new position in Heritage Insurance in the 3rd quarter valued at about $502,000. Verition Fund Management LLC raised its stake in Heritage Insurance by 15.1% during the 3rd quarter. Verition Fund Management LLC now owns 32,700 shares of the insurance provider’s stock valued at $400,000 after acquiring an additional 4,300 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Heritage Insurance by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider’s stock valued at $164,000 after purchasing an additional 7,545 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

About Heritage Insurance

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.