Heritage Insurance (NYSE:HRTG) Downgraded to Buy at StockNews.com

Heritage Insurance (NYSE:HRTG) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Friday.

A number of other analysts have also recently issued reports on the company. Piper Sandler raised Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $9.00 to $13.00 in a research report on Friday, August 9th. Truist Financial raised their price objective on Heritage Insurance from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Heritage Insurance presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

Heritage Insurance Trading Down 4.7 %

HRTG stock opened at $10.24 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.47. Heritage Insurance has a twelve month low of $5.17 and a twelve month high of $16.90. The business has a fifty day moving average of $13.90 and a 200-day moving average of $10.26. The company has a market cap of $313.71 million, a P/E ratio of 6.24 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. The firm had revenue of $203.57 million during the quarter, compared to analysts’ expectations of $196.81 million. Heritage Insurance had a return on equity of 26.27% and a net margin of 7.37%. During the same period in the previous year, the firm earned $0.32 earnings per share. As a group, equities research analysts expect that Heritage Insurance will post 1.93 EPS for the current year.

Insider Activity at Heritage Insurance

In related news, CEO Ernie J. Garateix acquired 5,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $8.59 per share, with a total value of $42,950.00. Following the acquisition, the chief executive officer now owns 1,072,584 shares of the company’s stock, valued at approximately $9,213,496.56. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Ernie J. Garateix acquired 5,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $8.59 per share, with a total value of $42,950.00. Following the acquisition, the chief executive officer now owns 1,072,584 shares of the company’s stock, valued at approximately $9,213,496.56. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Widdicombe acquired 4,437 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were bought at an average cost of $14.55 per share, with a total value of $64,558.35. Following the completion of the acquisition, the chairman now directly owns 696,497 shares in the company, valued at approximately $10,134,031.35. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 14.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors have recently modified their holdings of the business. ClariVest Asset Management LLC grew its holdings in shares of Heritage Insurance by 2.7% in the second quarter. ClariVest Asset Management LLC now owns 61,396 shares of the insurance provider’s stock valued at $435,000 after acquiring an additional 1,620 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Heritage Insurance by 3.9% in the second quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock valued at $750,000 after acquiring an additional 4,000 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Heritage Insurance in the third quarter valued at approximately $49,000. Innealta Capital LLC purchased a new position in Heritage Insurance in the second quarter valued at approximately $30,000. Finally, Empowered Funds LLC lifted its stake in Heritage Insurance by 8.1% in the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock valued at $1,030,000 after purchasing an additional 7,203 shares during the last quarter. 59.03% of the stock is owned by institutional investors.

Heritage Insurance Company Profile

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.