Heritage Insurance Holdings, Inc. (HRTG) Releases Quarterly Earnings Results, Misses Estimates By $0.23 EPS
Heritage Insurance Holdings, Inc. (NYSE:HRTG) released its quarterly earnings results on Wednesday. The insurance provider reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.23), Briefing.com reports. Heritage Insurance Holdings had a return on equity of 5.67% and a net margin of 5.07%. The firm had revenue of $101.77 million for the quarter, compared to analysts’ expectations of $99.01 million. During the same quarter in the prior year, the business earned $0.37 earnings per share. The company’s quarterly revenue was down 6.9% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be issued a $0.06 dividend. The ex-dividend date is Thursday, November 16th. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. Heritage Insurance Holdings’s dividend payout ratio (DPR) is presently 33.33%.
HRTG has been the subject of several research analyst reports. TheStreet upgraded Heritage Insurance Holdings from a “c+” rating to a “b” rating in a research report on Monday, October 16th. Keefe, Bruyette & Woods restated a “buy” rating and set a $17.00 price target on shares of Heritage Insurance Holdings in a research report on Thursday, September 21st. BidaskClub lowered Heritage Insurance Holdings from a “hold” rating to a “sell” rating in a research report on Friday, September 22nd. Citigroup Inc. raised their price target on Heritage Insurance Holdings from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, October 17th. Finally, SunTrust Banks, Inc. restated a “buy” rating and set a $18.00 price target on shares of Heritage Insurance Holdings in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $17.67.
In related news, President Richard A. Widdicombe purchased 25,800 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average cost of $11.53 per share, for a total transaction of $297,474.00. Following the acquisition, the president now owns 759,112 shares in the company, valued at $8,752,561.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Richard A. Widdicombe purchased 16,500 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was bought at an average price of $11.32 per share, with a total value of $186,780.00. Following the completion of the acquisition, the president now owns 775,612 shares in the company, valued at approximately $8,779,927.84. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 91,350 shares of company stock valued at $1,051,923. Insiders own 16.10% of the company’s stock.
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About Heritage Insurance Holdings
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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