Heritage Insurance Holdings, Inc. (NYSE:HRTG) Receives $33.50 Consensus Price Target from Brokerages

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) have received a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $33.50.

Several analysts have recently commented on the company. Zacks Research raised Heritage Insurance from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Truist Financial dropped their price objective on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, May 11th. Wall Street Zen cut Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered shares of Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Finally, Piper Sandler upped their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday.

Heritage Insurance Stock Up 0.1%

Shares of NYSE:HRTG opened at $27.06 on Wednesday. Heritage Insurance has a fifty-two week low of $16.83 and a fifty-two week high of $31.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $24.10 and its 200-day simple moving average is $25.81. The company has a market cap of $821.27 million, a price-to-earnings ratio of 4.15 and a beta of 0.88.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.34). The firm had revenue of $212.66 million for the quarter, compared to analysts’ expectations of $215.39 million. Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%. As a group, equities research analysts predict that Heritage Insurance will post 4.33 earnings per share for the current year.

Insider Activity

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $26.58, for a total value of $244,536.00. Following the completion of the transaction, the chief accounting officer directly owned 105,588 shares of the company’s stock, valued at approximately $2,806,529.04. This trade represents a 8.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting purchased 16,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average cost of $23.56 per share, for a total transaction of $376,960.00. Following the purchase, the director directly owned 103,126 shares in the company, valued at approximately $2,429,648.56. This represents a 18.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 27,600 shares of company stock worth $735,356 over the last 90 days. 9.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Heritage Insurance by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock valued at $196,000 after acquiring an additional 546 shares in the last quarter. Millennium Management LLC raised its position in shares of Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after purchasing an additional 91,982 shares during the last quarter. Empowered Funds LLC raised its position in shares of Heritage Insurance by 8.4% during the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after purchasing an additional 9,728 shares during the last quarter. Strs Ohio purchased a new stake in Heritage Insurance in the 1st quarter valued at approximately $127,000. Finally, JPMorgan Chase & Co. lifted its stake in Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after buying an additional 128,927 shares in the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

About Heritage Insurance

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.