Stock Repurchase Plan Declared by Heritage Insurance (NYSE:HRTG) Board of Directors

Heritage Insurance (NYSE:HRTG) declared that its Board of Directors has authorized a share repurchase program on Monday, December 9th, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 2.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Monday, November 25th.

Heritage Insurance Trading Down 2.6 %

Shares of NYSE:HRTG opened at $11.79 on Tuesday. Heritage Insurance has a 12 month low of $5.51 and a 12 month high of $16.90. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.42. The company’s fifty day simple moving average is $11.38 and its 200 day simple moving average is $10.81. The firm has a market cap of $361.72 million, a price-to-earnings ratio of 4.72 and a beta of 1.02.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $0.27 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $211.85 million for the quarter, compared to analyst estimates of $209.91 million. During the same period in the previous year, the business earned ($0.28) EPS. As a group, research analysts forecast that Heritage Insurance will post 1.27 EPS for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other news, Director Nicholas George Pappas sold 4,000 shares of Heritage Insurance stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $12.64, for a total value of $50,560.00. Following the completion of the transaction, the director now owns 76,314 shares of the company’s stock, valued at $964,608.96. This trade represents a 4.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 14.00% 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.