Heritage Insurance (NYSE:HRTG) Stock Rating Upgraded by StockNews.com

Heritage Insurance (NYSE:HRTG) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Several other equities analysts have also weighed in on the stock. Truist Financial raised their price objective on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Piper Sandler upgraded shares of Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $9.00 to $13.00 in a report on Friday, August 9th.

Heritage Insurance Stock Up 1.6 %

Heritage Insurance stock opened at $11.78 on Friday. Heritage Insurance has a 52 week low of $5.51 and a 52 week high of $16.90. The stock has a market cap of $361.46 million, a price-to-earnings ratio of 4.71 and a beta of 0.98. The company’s 50-day moving average price is $12.38 and its two-hundred day moving average price is $10.40. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake in Heritage Insurance by 27.4% during the 3rd 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 valued at $467,000. Centiva Capital LP acquired a new position in Heritage Insurance during the third quarter valued at $502,000. Verition Fund Management LLC raised its position in Heritage Insurance by 15.1% during the third quarter. Verition Fund Management LLC now owns 32,700 shares of the insurance provider’s stock valued at $400,000 after buying an additional 4,300 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in Heritage Insurance by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider’s stock worth $164,000 after acquiring an additional 7,545 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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.