Heritage Insurance (NYSE:HRTG) Downgraded by StockNews.com

StockNews.com lowered shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a hold rating in a research report report published on Thursday morning.

Several other research firms have also weighed in on HRTG. Piper Sandler reissued a neutral rating and set a $9.00 price objective on shares of Heritage Insurance in a research note on Monday, April 1st. JMP Securities reissued a market perform rating on shares of Heritage Insurance in a research note on Monday, April 15th. Finally, Truist Financial lifted their price objective on shares of Heritage Insurance from $9.00 to $11.00 and gave the stock a buy rating in a research note on Wednesday, March 13th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $9.00.

Heritage Insurance Trading Up 2.3 %

Shares of NYSE HRTG traded up $0.18 during mid-day trading on Thursday, hitting $8.15. The company’s stock had a trading volume of 510,846 shares, compared to its average volume of 382,001. The stock has a market cap of $249.72 million, a price-to-earnings ratio of 4.97 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.77 and a quick ratio of 0.77. Heritage Insurance has a one year low of $3.20 and a one year high of $11.23. The company’s fifty day simple moving average is $9.20 and its 200-day simple moving average is $7.61.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Wednesday, May 1st. The insurance provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.14). Heritage Insurance had a net margin of 6.07% and a return on equity of 25.96%. The business had revenue of $191.30 million during the quarter, compared to the consensus estimate of $189.05 million. During the same period last year, the business posted $0.55 EPS. On average, sell-side analysts anticipate that Heritage Insurance will post 1.52 earnings per share for the current fiscal year.

Insider Activity

In other Heritage Insurance news, Director Paul L. Whiting acquired 20,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were bought at an average cost of $8.14 per share, for a total transaction of $162,800.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at $162,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 11.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Heritage Insurance

A number of institutional investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC bought a new stake in shares of Heritage Insurance in the third quarter valued at about $2,171,000. EAM Investors LLC bought a new stake in shares of Heritage Insurance in the third quarter valued at about $1,912,000. Assenagon Asset Management S.A. boosted its position in shares of Heritage Insurance by 265.3% in the first quarter. Assenagon Asset Management S.A. now owns 314,856 shares of the insurance provider’s stock valued at $3,353,000 after acquiring an additional 228,655 shares during the period. Acadian Asset Management LLC boosted its position in shares of Heritage Insurance by 110.3% in the third quarter. Acadian Asset Management LLC now owns 376,832 shares of the insurance provider’s stock valued at $2,444,000 after acquiring an additional 197,656 shares during the period. Finally, Jump Financial LLC boosted its position in shares of Heritage Insurance by 137.4% in the third quarter. Jump Financial LLC now owns 48,188 shares of the insurance provider’s stock valued at $313,000 after acquiring an additional 27,888 shares during the period. 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.