Heritage Insurance (NYSE:HRTG) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a buy rating in a report issued on Monday morning.

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

Heritage Insurance Trading Down 0.6 %

NYSE:HRTG opened at $12.36 on Monday. Heritage Insurance has a 52 week low of $5.51 and a 52 week high of $16.90. The firm has a 50 day moving average of $11.88 and a 200 day moving average of $10.61. 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 stock has a market capitalization of $379.20 million, a price-to-earnings ratio of 4.94 and a beta of 0.98.

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 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 in the prior year, the business posted ($0.28) EPS. As a group, sell-side analysts anticipate that Heritage Insurance will post 1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Nicholas George Pappas sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $12.64, for a total transaction of $50,560.00. Following the completion of the sale, the director now directly owns 76,314 shares in the company, valued at approximately $964,608.96. This trade represents a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 14.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of HRTG. ClariVest Asset Management LLC increased its position in shares of Heritage Insurance by 2.7% during 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 during the last quarter. Victory Capital Management Inc. increased its position in shares of Heritage Insurance by 3.9% during 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 during the last quarter. nVerses Capital LLC acquired a new stake in shares of Heritage Insurance during the third quarter valued at about $49,000. Innealta Capital LLC acquired a new position in shares of Heritage Insurance in the second quarter valued at approximately $30,000. Finally, Verition Fund Management LLC grew its holdings in shares of Heritage Insurance by 15.1% in the third quarter. Verition Fund Management LLC now owns 32,700 shares of the insurance provider’s stock valued at $400,000 after purchasing an additional 4,300 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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.