Heritage Insurance Holdings Inc. (HRTG) Price Target Cut to $16.00 by Analysts at Citigroup Inc.
Heritage Insurance Holdings Inc. (NYSE:HRTG) had its target price dropped by research analysts at Citigroup Inc. from $17.00 to $16.00 in a research report issued to clients and investors on Tuesday. The firm presently has a “buy” rating on the stock. Citigroup Inc.’s target price indicates a potential upside of 25.69% from the stock’s current price.
A number of other analysts have also commented on HRTG. Zacks Investment Research lowered shares of Heritage Insurance Holdings from a “hold” rating to a “sell” rating in a research report on Friday, August 5th. Keefe, Bruyette & Woods cut their price objective on shares of Heritage Insurance Holdings from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, June 13th. Finally, Sandler O’Neill raised shares of Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Friday, September 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $19.00.
Heritage Insurance Holdings (NYSE:HRTG) traded down 3.85% during mid-day trading on Tuesday, reaching $12.24. 173,828 shares of the company’s stock traded hands. The firm has a 50 day moving average of $13.77 and a 200 day moving average of $13.32. Heritage Insurance Holdings has a 1-year low of $11.50 and a 1-year high of $24.98. The firm has a market cap of $363.53 million, a PE ratio of 5.90 and a beta of 0.98.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/11/heritage-insurance-holdings-inc-hrtg-price-target-cut-to-16-00-by-analysts-at-citigroup-inc.html
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 Thomson Reuters’ consensus estimate of $0.55 by $0.07. The company earned $115.28 million during the quarter, compared to analysts’ expectations of $113.73 million. Heritage Insurance Holdings had a net margin of 15.06% and a return on equity of 17.73%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 earnings per share. Analysts forecast that Heritage Insurance Holdings will post $1.74 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Tuesday, September 13th. Heritage Insurance Holdings’s dividend payout ratio (DPR) is currently 11.59%.
In other news, Director James Masiello purchased 20,000 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were purchased at an average cost of $12.96 per share, with a total value of $259,200.00. Following the completion of the transaction, the director now owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Vijay Walvekar sold 5,000 shares of the company’s stock in a transaction 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. Company insiders own 15.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Trexquant Investment LP purchased a new stake in Heritage Insurance Holdings during the second quarter valued at about $121,000. Quantitative Systematic Strategies LLC purchased a new stake in Heritage Insurance Holdings during the second quarter valued at about $130,000. Cutler Group LP purchased a new stake in Heritage Insurance Holdings during the third quarter valued at about $146,000. JPMorgan Chase & Co. purchased a new stake in Heritage Insurance Holdings during the second quarter valued at about $160,000. Finally, Ancora Advisors LLC purchased a new stake in Heritage Insurance Holdings during the second quarter valued at about $180,000. 54.81% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Ratings for Heritage Insurance Holdings Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Insurance Holdings Inc. and related companies with MarketBeat.com's FREE daily email newsletter.