Heritage Insurance (HRTG) Lifted to Hold at Zacks Investment Research

Heritage Insurance (NYSE:HRTG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday.

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. “

Other analysts have also issued reports about the company. TheStreet upgraded Heritage Insurance from a “c+” rating to a “b” rating in a report on Monday, October 16th. Citigroup lifted their price target on Heritage Insurance from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, October 17th. BidaskClub upgraded Heritage Insurance from a “hold” rating to a “buy” rating in a report on Tuesday, October 17th. SunTrust Banks reiterated a “buy” rating and set a $18.00 price target on shares of Heritage Insurance in a report on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.00 target price on shares of Heritage Insurance in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Heritage Insurance has an average rating of “Buy” and an average target price of $18.80.

Shares of Heritage Insurance (NYSE:HRTG) opened at $17.46 on Friday. The company has a market capitalization of $426.03, a price-to-earnings ratio of 1,746.00 and a beta of 1.30. Heritage Insurance has a fifty-two week low of $8.85 and a fifty-two week high of $19.15. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.63.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, November 1st. The insurance provider reported ($0.34) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.23). The business had revenue of $101.77 million for the quarter, compared to the consensus estimate of $99.01 million. Heritage Insurance had a return on equity of 0.31% and a net margin of 0.27%. The business’s revenue was down 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.37 earnings per share. analysts anticipate that Heritage Insurance will post 0.75 EPS for the current fiscal year.

In other Heritage Insurance news, Director Nicholas George Pappas sold 2,850 shares of the firm’s stock in a transaction on Saturday, December 29th. The stock was sold at an average price of $17.90, for a total value of $51,015.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 16.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Northpointe Capital LLC purchased a new position in shares of Heritage Insurance in the fourth quarter valued at $13,251,000. JPMorgan Chase & Co. grew its position in shares of Heritage Insurance by 262.8% in the third quarter. JPMorgan Chase & Co. now owns 679,600 shares of the insurance provider’s stock valued at $8,944,000 after purchasing an additional 492,300 shares in the last quarter. Signia Capital Management LLC purchased a new position in shares of Heritage Insurance in the third quarter valued at $4,339,000. Foundry Partners LLC purchased a new position in shares of Heritage Insurance in the fourth quarter valued at $5,364,000. Finally, Royal Bank of Canada grew its position in shares of Heritage Insurance by 845.2% in the second quarter. Royal Bank of Canada now owns 282,917 shares of the insurance provider’s stock valued at $3,683,000 after purchasing an additional 252,986 shares in the last quarter. 82.83% of the stock is owned by institutional investors and hedge funds.

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About Heritage Insurance

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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