Zacks: Brokerages Expect Heritage Insurance Holdings Inc (NYSE:HRTG) Will Post Quarterly Sales of $131.43 Million

Equities analysts predict that Heritage Insurance Holdings Inc (NYSE:HRTG) will announce sales of $131.43 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Heritage Insurance’s earnings, with estimates ranging from $126.99 million to $135.86 million. Heritage Insurance reported sales of $122.84 million in the same quarter last year, which indicates a positive year over year growth rate of 7%. The business is expected to report its next earnings results after the market closes on Monday, August 3rd.

According to Zacks, analysts expect that Heritage Insurance will report full year sales of $540.11 million for the current fiscal year, with estimates ranging from $537.77 million to $542.44 million. For the next fiscal year, analysts expect that the firm will report sales of $570.12 million, with estimates ranging from $556.78 million to $583.46 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Heritage Insurance.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Monday, May 4th. The insurance provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $132.71 million for the quarter, compared to analysts’ expectations of $127.39 million. Heritage Insurance had a return on equity of 6.57% and a net margin of 5.57%.

A number of analysts recently issued reports on HRTG shares. ValuEngine cut Heritage Insurance from a “hold” rating to a “sell” rating in a research report on Wednesday, April 29th. Piper Sandler raised Heritage Insurance from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $12.00 to $15.00 in a research report on Monday, April 6th. Zacks Investment Research cut Heritage Insurance from a “hold” rating to a “sell” rating in a research report on Friday, July 17th. Finally, JMP Securities cut their target price on Heritage Insurance from $18.00 to $17.00 and set a “market outperform” rating on the stock in a report on Thursday, April 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $15.50.

Institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its stake in shares of Heritage Insurance by 33.3% in the first quarter. BNP Paribas Arbitrage SA now owns 8,096 shares of the insurance provider’s stock worth $87,000 after purchasing an additional 2,022 shares during the period. AQR Capital Management LLC increased its stake in Heritage Insurance by 68.0% during the first quarter. AQR Capital Management LLC now owns 158,904 shares of the insurance provider’s stock valued at $1,702,000 after acquiring an additional 64,333 shares during the period. BlackRock Inc. increased its stake in Heritage Insurance by 8.2% during the first quarter. BlackRock Inc. now owns 2,326,260 shares of the insurance provider’s stock valued at $24,914,000 after acquiring an additional 176,112 shares during the period. Wedge Capital Management L L P NC bought a new position in Heritage Insurance during the second quarter valued at about $138,000. Finally, Alliancebernstein L.P. increased its stake in Heritage Insurance by 11.2% during the first quarter. Alliancebernstein L.P. now owns 34,800 shares of the insurance provider’s stock valued at $373,000 after acquiring an additional 3,500 shares during the period. Institutional investors and hedge funds own 64.15% of the company’s stock.

Shares of Heritage Insurance stock traded down $0.23 during midday trading on Tuesday, hitting $11.87. The company’s stock had a trading volume of 102,931 shares, compared to its average volume of 117,317. The firm has a market capitalization of $334.88 million, a P/E ratio of 11.75 and a beta of 0.72. The stock has a 50-day simple moving average of $12.41 and a 200-day simple moving average of $11.84. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.28. Heritage Insurance has a 1-year low of $7.50 and a 1-year high of $15.61.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 15th were paid a $0.06 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.02%. Heritage Insurance’s payout ratio is presently 25.26%.

About Heritage Insurance

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 in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina, as well as residential wind-only property insurance.

Read More: What is a CD ladder?

Get a free copy of the Zacks research report on Heritage Insurance (HRTG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Heritage Insurance (NYSE:HRTG)

Receive News & Ratings for Heritage Insurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Insurance and related companies with MarketBeat.com's FREE daily email newsletter.