Heritage Insurance Holdings Inc (HRTG) Receives Average Rating of “Buy” from Brokerages

Heritage Insurance Holdings Inc (NYSE:HRTG) has received a consensus rating of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $19.90.

A number of equities research analysts recently weighed in on HRTG shares. Zacks Investment Research raised shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 3rd. ValuEngine downgraded shares of Heritage Insurance from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Citigroup lowered their target price on shares of Heritage Insurance from $17.00 to $16.50 and set a “buy” rating on the stock in a research note on Friday, October 12th. Finally, Sandler O’Neill reaffirmed a “buy” rating and issued a $19.00 target price on shares of Heritage Insurance in a research note on Friday, August 3rd.

Shares of HRTG stock traded down $0.32 during trading hours on Friday, reaching $16.24. The stock had a trading volume of 17,214 shares, compared to its average volume of 171,184. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.46. Heritage Insurance has a 12 month low of $12.85 and a 12 month high of $19.15. The firm has a market capitalization of $434.42 million, a P/E ratio of 10.66 and a beta of 1.16.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Wednesday, October 31st. The insurance provider reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.36. Heritage Insurance had a net margin of 3.92% and a return on equity of 13.90%. The company had revenue of $125.30 million during the quarter, compared to analyst estimates of $123.59 million. Sell-side analysts predict that Heritage Insurance will post 0.4 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Saturday, December 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Thursday, December 13th. Heritage Insurance’s dividend payout ratio is currently 15.69%.

In other Heritage Insurance news, President Richard A. Widdicombe purchased 5,000 shares of the firm’s stock in a transaction on Thursday, August 9th. The shares were purchased at an average cost of $14.36 per share, with a total value of $71,800.00. Following the completion of the purchase, the president now owns 766,778 shares of the company’s stock, valued at approximately $11,010,932.08. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kirk Lusk purchased 3,500 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were acquired at an average cost of $14.31 per share, for a total transaction of $50,085.00. Following the completion of the purchase, the chief financial officer now directly owns 51,331 shares of the company’s stock, valued at approximately $734,546.61. The disclosure for this purchase can be found here. Insiders purchased 26,500 shares of company stock worth $392,625 over the last ninety days. 25.30% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of HRTG. Northpointe Capital LLC purchased a new position in shares of Heritage Insurance during the second quarter worth approximately $12,010,000. Mesirow Financial Investment Management Equity Management purchased a new position in shares of Heritage Insurance during the second quarter worth approximately $11,011,000. Kirr Marbach & Co. LLC IN raised its stake in shares of Heritage Insurance by 501.8% during the third quarter. Kirr Marbach & Co. LLC IN now owns 252,380 shares of the insurance provider’s stock worth $3,740,000 after acquiring an additional 210,445 shares in the last quarter. Phocas Financial Corp. raised its stake in shares of Heritage Insurance by 39.1% during the second quarter. Phocas Financial Corp. now owns 655,167 shares of the insurance provider’s stock worth $10,922,000 after acquiring an additional 184,161 shares in the last quarter. Finally, Foundry Partners LLC raised its stake in shares of Heritage Insurance by 58.8% during the second quarter. Foundry Partners LLC now owns 478,880 shares of the insurance provider’s stock worth $7,983,000 after acquiring an additional 177,280 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other 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 property insurance for single-family homeowners and condominium owners; rental property insurance; and commercial residential insurance, as well as residential wind-only property insurance in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina.

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Analyst Recommendations for Heritage Insurance (NYSE:HRTG)

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