Zacks Investment Research Upgrades Heritage Insurance (HRTG) to “Hold”

Heritage Insurance (NYSE:HRTG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. Through its subsidiary, Heritage Property & Casualty Insurance Company, the Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance Holdings, Inc. is based in Clearwater, Florida. “

Several other equities research analysts have also recently issued reports on HRTG. Sandler O’Neill reiterated a “buy” rating and set a $19.00 price objective on shares of Heritage Insurance in a research report on Friday, August 3rd. ValuEngine lowered shares of Heritage Insurance from a “hold” rating to a “sell” rating in a report on Thursday, August 9th. Finally, Citigroup cut their target price on shares of Heritage Insurance from $17.00 to $16.50 and set a “buy” rating for the company in a report on Friday, October 12th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $19.92.

NYSE HRTG opened at $16.86 on Wednesday. Heritage Insurance has a 12 month low of $12.85 and a 12 month high of $19.15. The company has a market cap of $440.00 million, a price-to-earnings ratio of 7.89 and a beta of 1.16. 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 (NYSE:HRTG) last released its earnings results on Wednesday, October 31st. The insurance provider reported $0.23 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $123.59 million. As a group, analysts expect that Heritage Insurance will post 1.18 earnings per share for the current year.

In other Heritage Insurance news, CEO Bruce Lucas bought 9,300 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The stock was purchased at an average cost of $16.07 per share, with a total value of $149,451.00. Following the completion of the acquisition, the chief executive officer now owns 931,173 shares in the company, valued at approximately $14,963,950.11. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders purchased 21,302 shares of company stock valued at $335,213. 25.30% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. boosted its stake in Heritage Insurance by 1,892.3% during the second quarter. Victory Capital Management Inc. now owns 68,435 shares of the insurance provider’s stock worth $1,141,000 after buying an additional 65,000 shares during the period. First Trust Advisors LP boosted its stake in Heritage Insurance by 18.0% during the second quarter. First Trust Advisors LP now owns 26,498 shares of the insurance provider’s stock worth $442,000 after buying an additional 4,048 shares during the period. Rothschild Asset Management Inc. boosted its stake in Heritage Insurance by 1.9% during the second quarter. Rothschild Asset Management Inc. now owns 411,639 shares of the insurance provider’s stock worth $6,862,000 after buying an additional 7,605 shares during the period. Citadel Advisors LLC boosted its stake in Heritage Insurance by 141.6% during the second quarter. Citadel Advisors LLC now owns 83,031 shares of the insurance provider’s stock worth $1,384,000 after buying an additional 48,665 shares during the period. Finally, Mesirow Financial Investment Management Equity Management boosted its stake in Heritage Insurance by 13.7% during the third quarter. Mesirow Financial Investment Management Equity Management now owns 751,268 shares of the insurance provider’s stock worth $11,133,000 after buying an additional 90,745 shares during the period. 77.69% 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 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.

See Also: Fundamental Analysis

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