Heritage Insurance Holdings Inc (HRTG) Given Buy Rating at Keefe, Bruyette & Woods
Heritage Insurance Holdings Inc (NYSE:HRTG)‘s stock had its “buy” rating reiterated by equities research analysts at Keefe, Bruyette & Woods in a note issued to investors on Friday. They presently have a $17.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 29.97% from the company’s current price.
Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Heritage Insurance Holdings from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 21st. Citigroup Inc reiterated a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of Heritage Insurance Holdings in a research note on Friday, April 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $16.33.
Shares of Heritage Insurance Holdings (HRTG) traded up 0.62% during mid-day trading on Friday, reaching $13.08. The company had a trading volume of 191,933 shares. Heritage Insurance Holdings has a 52-week low of $11.25 and a 52-week high of $16.48. The company’s 50-day moving average price is $12.27 and its 200-day moving average price is $13.95. The company has a market capitalization of $388.48 million, a PE ratio of 11.79 and a beta of 1.29.
Heritage Insurance Holdings (NYSE:HRTG) last released its quarterly earnings results on Thursday, May 4th. The insurance provider reported $0.19 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.19. Heritage Insurance Holdings had a net margin of 13.02% and a return on equity of 15.58%. The company had revenue of $99.29 million during the quarter, compared to analysts’ expectations of $103.47 million. On average, analysts forecast that Heritage Insurance Holdings will post $1.21 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 15th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Tuesday, June 13th. Heritage Insurance Holdings’s payout ratio is presently 12.70%.
In related news, Director Vijay Walvekar sold 42,000 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $12.41, for a total value of $521,220.00. Following the completion of the transaction, the director now owns 80,000 shares of the company’s stock, valued at $992,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bruce Lucas purchased 83,262 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was acquired at an average cost of $12.06 per share, with a total value of $1,004,139.72. Following the transaction, the chief executive officer now directly owns 681,071 shares of the company’s stock, valued at $8,213,716.26. The disclosure for this purchase can be found here. 15.10% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of HRTG. Kirr Marbach & Co. LLC IN raised its position in Heritage Insurance Holdings by 1.2% in the first quarter. Kirr Marbach & Co. LLC IN now owns 14,295 shares of the insurance provider’s stock valued at $183,000 after buying an additional 165 shares during the period. Royal Bank of Canada raised its position in Heritage Insurance Holdings by 0.5% in the second quarter. Royal Bank of Canada now owns 41,770 shares of the insurance provider’s stock valued at $500,000 after buying an additional 198 shares during the period. Bank of New York Mellon Corp raised its position in Heritage Insurance Holdings by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 119,831 shares of the insurance provider’s stock valued at $1,434,000 after buying an additional 431 shares during the period. Russell Frank Co raised its position in Heritage Insurance Holdings by 0.5% in the fourth quarter. Russell Frank Co now owns 120,014 shares of the insurance provider’s stock valued at $2,653,000 after buying an additional 541 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its position in Heritage Insurance Holdings by 3.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 18,152 shares of the insurance provider’s stock valued at $290,000 after buying an additional 631 shares during the period. 50.43% of the stock is owned by hedge funds and other institutional investors.
Heritage Insurance Holdings Company Profile
Heritage Insurance Holdings, Inc (Heritage Insurance) is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company (Heritage P&C), 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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