Heritage Insurance (NYSE:HRTG) Stock Price Target Raised at Truist Financial

Key Points

• Truist Financial raised Heritage Insurance’s price target to $44 from $42 and maintained a “buy” rating, implying 26.4% upside from the previous close.
• Heritage reported quarterly EPS of $1.72, well above the $0.93 consensus estimate, while revenue of $219.24 million also exceeded expectations.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and average price target of $37.50; institutional investors own 59.03% of the company.

Heritage Insurance (NYSE:HRTG - Get Free Report) had its target price raised by analysts at Truist Financial from $42.00 to $44.00 in a report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the insurance provider's stock. Truist Financial's price objective indicates a potential upside of 26.40% from the stock's previous close.

A number of other equities research analysts also recently commented on the company. Weiss Ratings upgraded Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, September 8th. Wall Street Zen upgraded Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 17th. Zacks Research downgraded Heritage Insurance from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 9th. Piper Sandler upped their price objective on Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, Raymond James Financial initiated coverage on Heritage Insurance in a research report on Friday, October 16th. They set a "market perform" rating for the company. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $37.50.

Heritage Insurance Price Performance

NYSE HRTG traded down $1.33 on Friday, reaching $34.81. The company had a trading volume of 149,304 shares, compared to its average volume of 342,084. The stock has a market capitalization of $1.03 billion, a PE ratio of 4.89 and a beta of 0.92. Heritage Insurance has a 12 month low of $20.48 and a 12 month high of $37.87. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The firm's 50 day moving average price is $34.76 and its 200 day moving average price is $28.55.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The insurance provider reported $1.72 EPS for the quarter, beating the consensus estimate of $0.93 by $0.79. The business had revenue of $219.24 million during the quarter, compared to the consensus estimate of $217.34 million. Heritage Insurance had a net margin of 25.07% and a return on equity of 40.67%. As a group, equities analysts predict that Heritage Insurance will post 5.33 earnings per share for the current year.

Insider Transactions at Heritage Insurance

In other news, insider Timothy Johns sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total transaction of $117,880.00. Following the transaction, the insider owned 25,438 shares of the company's stock, valued at approximately $856,751.84. The trade was a 12.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $33.91, for a total transaction of $311,972.00. Following the transaction, the chief accounting officer directly owned 87,188 shares of the company's stock, valued at approximately $2,956,545.08. This represents a 9.54% 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 quarter, insiders have sold 80,569 shares of company stock worth $2,703,920. 9.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Heritage Insurance

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Heritage Insurance in the second quarter worth approximately $60,842,000. Dimensional Fund Advisors LP lifted its position in Heritage Insurance by 3.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider's stock valued at $32,732,000 after acquiring an additional 36,879 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Heritage Insurance in the 2nd quarter worth $14,437,000. Assenagon Asset Management S.A. increased its position in Heritage Insurance by 7.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 282,917 shares of the insurance provider's stock valued at $9,379,000 after buying an additional 19,596 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Heritage Insurance in the second quarter worth about $6,070,000. 59.03% of the stock is currently owned by institutional investors.

About Heritage Insurance

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.

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