Analysts Set Heritage Insurance Holdings, Inc. (NYSE:HRTG) Target Price at $33.50

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) have been given a consensus rating of “Buy” by the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $33.50.

Several brokerages have recently weighed in on HRTG. Weiss Ratings restated a “buy (b)” rating on shares of Heritage Insurance in a report on Friday, March 27th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 11th. Citigroup reiterated a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Finally, Truist Financial raised their target price on shares of Heritage Insurance from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, March 9th.

Insider Activity at Heritage Insurance

In other Heritage Insurance news, CEO Ernie J. Garateix sold 8,334 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $25.39, for a total transaction of $211,600.26. Following the completion of the sale, the chief executive officer directly owned 1,069,289 shares in the company, valued at $27,149,247.71. This trade represents a 0.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Timothy Moura sold 24,769 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $25.76, for a total transaction of $638,049.44. Following the sale, the insider owned 160,045 shares of the company’s stock, valued at $4,122,759.20. This trade represents a 13.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 121,718 shares of company stock worth $3,167,147. Insiders own 15.20% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

A number of hedge funds and other institutional investors have recently made changes to their positions in HRTG. Marshall Wace LLP raised its position in shares of Heritage Insurance by 58.9% in the second quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock valued at $23,498,000 after buying an additional 349,168 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Heritage Insurance by 223.9% during the third quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider’s stock valued at $11,635,000 after purchasing an additional 319,434 shares in the last quarter. Vanguard Group Inc. raised its position in Heritage Insurance by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after purchasing an additional 234,296 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Heritage Insurance by 69.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock valued at $13,128,000 after purchasing an additional 216,019 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Heritage Insurance by 1,078.7% during the second quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after purchasing an additional 128,927 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Price Performance

HRTG stock opened at $26.61 on Friday. The stock has a 50-day moving average price of $26.43 and a two-hundred day moving average price of $26.67. The stock has a market cap of $817.58 million, a PE ratio of 4.21 and a beta of 0.95. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16. Heritage Insurance has a 1 year low of $14.22 and a 1 year high of $31.98.

Heritage Insurance (NYSE:HRTG) last released its earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.54. The firm had revenue of $215.32 million during the quarter, compared to analysts’ expectations of $212.60 million. Heritage Insurance had a return on equity of 47.28% and a net margin of 23.08%. Equities analysts forecast that Heritage Insurance will post 1.86 EPS for the current fiscal year.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.