Heritage Insurance Holdings, Inc. (NYSE:HRTG) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analysts rate Heritage Insurance “Moderate Buy”: Three analysts recommend buying the stock and three rate it a hold, with an average 12-month price target of $36.50.
• Recent results exceeded expectations: Heritage reported quarterly EPS of $2.05 versus the $1.25 consensus estimate, while revenue reached $214.19 million. The stock opened at $37.63, near its 12-month high of $37.87.
• Institutional ownership is substantial, but insiders have been selling: Institutions and hedge funds own 59.03% of the shares, while insiders sold 80,569 shares worth approximately $2.7 million over the past 90 days.

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) have earned an average rating of "Moderate Buy" from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $36.50.

Several equities analysts have weighed in on HRTG shares. Piper Sandler raised 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 upgraded Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 17th. Truist Financial upped their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Raymond James Financial started coverage on Heritage Insurance in a research note on Friday, October 16th. They set a "market perform" rating on the stock. Finally, Zacks Research lowered Heritage Insurance from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 9th.

Insider Buying and Selling at Heritage Insurance

In related news, insider Timothy Johns sold 3,500 shares of the company'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 sale, the insider directly owned 25,438 shares of the company's stock, valued at approximately $856,751.84. This represents a 12.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 10,000 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $34.88, for a total transaction of $348,800.00. Following the completion of the transaction, the chief executive officer directly owned 1,040,955 shares in the company, valued at $36,308,510.40. This represents a 0.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 80,569 shares of company stock valued at $2,703,920. Corporate insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Heritage Insurance

Several large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Heritage Insurance during the second quarter worth approximately $60,842,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Heritage Insurance in the 2nd quarter valued at approximately $14,437,000. Bank of America Corp DE acquired a new stake in Heritage Insurance in the 2nd quarter valued at approximately $6,070,000. Quartz Partners LLC bought a new stake in Heritage Insurance during the 2nd quarter valued at $4,924,000. Finally, Empowered Funds LLC bought a new stake in Heritage Insurance during the 2nd quarter valued at $4,230,000. Institutional investors and hedge funds own 59.03% of the company's stock.

Heritage Insurance Stock Up 1.5%

HRTG stock opened at $37.63 on Friday. The company's 50 day simple moving average is $34.51 and its 200-day simple moving average is $29.12. The firm has a market capitalization of $1.12 billion, a PE ratio of 5.36 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 debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. The firm had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Equities analysts expect that Heritage Insurance will post 5.33 earnings per share for the current fiscal year.

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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