Heritage Insurance Holdings, Inc. (HRTG) Given Consensus Recommendation of “Buy” by Brokerages
Heritage Insurance Holdings, Inc. (NYSE:HRTG) has been assigned an average rating of “Buy” from the six brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $17.67.
Several equities analysts have recently commented on HRTG shares. BidaskClub raised Heritage Insurance Holdings from a “hold” rating to a “buy” rating in a research report on Tuesday, October 17th. Zacks Investment Research raised Heritage Insurance Holdings from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. TheStreet raised Heritage Insurance Holdings from a “c” rating to a “b-” rating in a research report on Monday, June 26th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $18.00 target price on shares of Heritage Insurance Holdings in a research report on Tuesday, September 26th. Finally, Citigroup Inc. upped their target price on Heritage Insurance Holdings from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, October 17th.
Shares of Heritage Insurance Holdings (NYSE:HRTG) opened at 15.87 on Monday. The company has a market cap of $471.34 million, a P/E ratio of 22.38 and a beta of 1.36. Heritage Insurance Holdings has a 12 month low of $8.85 and a 12 month high of $16.48. The firm has a 50 day moving average price of $13.16 and a 200-day moving average price of $12.55.
Heritage Insurance Holdings (NYSE:HRTG) last posted its earnings results on Tuesday, August 8th. The insurance provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. Heritage Insurance Holdings had a return on equity of 5.67% and a net margin of 5.07%. The company had revenue of $96.90 million for the quarter, compared to the consensus estimate of $100.17 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was down 15.9% on a year-over-year basis. Analysts anticipate that Heritage Insurance Holdings will post $0.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Thursday, September 14th. Heritage Insurance Holdings’s dividend payout ratio is currently 33.33%.
In related news, President Richard A. Widdicombe purchased 16,500 shares of Heritage Insurance Holdings stock in a transaction that occurred on Friday, August 25th. The shares were acquired at an average price of $11.32 per share, with a total value of $186,780.00. Following the completion of the transaction, the president now directly owns 775,612 shares of the company’s stock, valued at approximately $8,779,927.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Bruce Lucas purchased 22,000 shares of Heritage Insurance Holdings stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $11.58 per share, for a total transaction of $254,760.00. Following the transaction, the chief executive officer now directly owns 869,595 shares of the company’s stock, valued at $10,069,910.10. The disclosure for this purchase can be found here. Insiders have purchased 91,350 shares of company stock worth $1,051,923 in the last three months. 16.10% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of HRTG. Kennedy Capital Management Inc. grew its position in Heritage Insurance Holdings by 2,090.2% during the second quarter. Kennedy Capital Management Inc. now owns 392,052 shares of the insurance provider’s stock worth $5,105,000 after buying an additional 374,152 shares in the last quarter. Royal Bank of Canada grew its position in Heritage Insurance Holdings by 845.2% during the second quarter. Royal Bank of Canada now owns 282,917 shares of the insurance provider’s stock worth $3,683,000 after buying an additional 252,986 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Heritage Insurance Holdings by 37.0% during the first quarter. Dimensional Fund Advisors LP now owns 783,112 shares of the insurance provider’s stock worth $10,000,000 after buying an additional 211,312 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in Heritage Insurance Holdings during the second quarter worth approximately $2,438,000. Finally, Citadel Advisors LLC grew its position in Heritage Insurance Holdings by 730.4% during the second quarter. Citadel Advisors LLC now owns 108,788 shares of the insurance provider’s stock worth $1,416,000 after buying an additional 95,688 shares in the last quarter. 61.29% of the stock is currently owned by institutional investors and hedge funds.
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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