Heritage Insurance Holdings, Inc. (NYSE:HRTG) Stock Has Consensus Price Target of $36.50

Key Points

• Analysts maintain a bullish outlook: Heritage Insurance has a consensus “Buy” rating from five analysts, with an average 12-month price target of $36.50.
• Quarterly results exceeded expectations: The company reported $2.05 in earnings per share versus the $1.25 consensus estimate, while revenue of $214.19 million also topped forecasts.
• Shares remain near their annual high: HRTG opened at $33.25, compared with a 52-week range of $20.48 to $36.50; institutional investors own 59.03% of the stock, while insiders have recently sold shares.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) has earned a consensus rating of "Buy" from the five analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $36.50.

HRTG has been the subject of a number of research analyst reports. Weiss Ratings raised Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, September 8th. Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Piper Sandler boosted their price target on Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Wall Street Zen raised Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, Truist Financial raised their price objective on Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a report on Thursday, August 6th.

Insiders Place Their Bets

In other news, CAO Sharon Binnun sold 6,565 shares of the firm's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $33.81, for a total value of $221,962.65. Following the transaction, the chief accounting officer directly owned 80,623 shares of the company's stock, valued at approximately $2,725,863.63. This trade represents a 7.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kirk Lusk sold 10,000 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.16, for a total transaction of $341,600.00. Following the transaction, the chief financial officer owned 492,522 shares in the company, valued at $16,824,551.52. The trade was a 1.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 86,269 shares of company stock valued at $2,822,771. Corporate insiders own 9.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new stake in shares of Heritage Insurance in the second quarter valued at approximately $2,872,000. BlackRock Inc. acquired a new position in Heritage Insurance during the second quarter worth $60,842,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Heritage Insurance in the 2nd quarter valued at $960,000. Arrowstreet Capital Limited Partnership grew its holdings in Heritage Insurance by 52.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider's stock valued at $5,740,000 after buying an additional 75,339 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Heritage Insurance in the 2nd quarter worth $917,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Stock Down 0.1%

HRTG stock opened at $33.25 on Monday. The stock has a market capitalization of $988.52 million, a P/E ratio of 4.74 and a beta of 0.92. The firm has a 50-day simple moving average of $32.57 and a 200-day simple moving average of $28.00. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. Heritage Insurance has a 52 week low of $20.48 and a 52 week high of $36.50.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The firm had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Equities analysts forecast that Heritage Insurance will post 5.5 earnings per share for the current fiscal year.

About Heritage Insurance

Heritage Insurance Holdings, Inc is a property and casualty insurance company that provides residential property coverage through its insurance subsidiaries. Its products primarily include homeowners insurance and related coverage for personal and commercial residential properties, including protection against risks such as wind, fire and other property damage.

The company focuses on serving customers in catastrophe-exposed coastal markets, particularly in the Southeastern United States.

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