Heritage Insurance Holdings Inc. (HRTG) Upgraded to “Hold” by Zacks Investment Research
Heritage Insurance Holdings Inc. (NYSE:HRTG) was upgraded by Zacks Investment Research from a “strong 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. “
A number of other equities research analysts have also recently weighed in on HRTG. Keefe, Bruyette & Woods cut their price target on Heritage Insurance Holdings from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, June 13th. Sandler O’Neill raised Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, September 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $21.88.
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Shares of Heritage Insurance Holdings (NYSE:HRTG) traded up 5.94% on Wednesday, hitting $13.20. The company’s stock had a trading volume of 519,841 shares. The company has a market cap of $392.04 million, a price-to-earnings ratio of 6.36 and a beta of 0.99. Heritage Insurance Holdings has a 52 week low of $11.50 and a 52 week high of $24.98. The stock’s 50 day moving average is $13.78 and its 200-day moving average is $13.38.
Heritage Insurance Holdings (NYSE:HRTG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.07. The company had revenue of $115.28 million for the quarter, compared to analysts’ expectations of $113.73 million. Heritage Insurance Holdings had a return on equity of 17.73% and a net margin of 15.06%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. On average, equities research analysts anticipate that Heritage Insurance Holdings will post $1.74 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.82%. Heritage Insurance Holdings’s dividend payout ratio is presently 11.59%.
In other Heritage Insurance Holdings news, Director James Masiello purchased 20,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were purchased at an average price of $12.96 per share, for a total transaction of $259,200.00. Following the completion of the transaction, the director now owns 229,795 shares in the company, valued at approximately $2,978,143.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vijay Walvekar sold 5,000 shares of Heritage Insurance Holdings stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $13.90, for a total transaction of $69,500.00. The disclosure for this sale can be found here. Corporate insiders own 15.10% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new position in Heritage Insurance Holdings during the second quarter valued at about $279,000. Royal Bank of Canada boosted its position in Heritage Insurance Holdings by 0.5% in the second quarter. Royal Bank of Canada now owns 41,770 shares of the company’s stock valued at $500,000 after buying an additional 198 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in Heritage Insurance Holdings during the second quarter valued at $730,000. AQR Capital Management LLC boosted its position in Heritage Insurance Holdings by 24.2% in the second quarter. AQR Capital Management LLC now owns 402,911 shares of the company’s stock valued at $4,823,000 after buying an additional 78,612 shares during the last quarter. Finally, Menta Capital LLC boosted its position in Heritage Insurance Holdings by 56.9% in the second quarter. Menta Capital LLC now owns 104,706 shares of the company’s stock valued at $1,253,000 after buying an additional 37,952 shares during the last quarter. Hedge funds and other institutional investors own 54.81% of the company’s stock.
Heritage Insurance Holdings Company Profile
Heritage Insurance Holdings, Inc is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company, it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.
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