Heritage Insurance Holdings, Inc. (NYSE:HRTG) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Heritage Insurance Holdings has an average analyst rating of “Moderate Buy”, with three buy ratings and two hold ratings among five covering brokerages. The consensus 12-month price target is $33.50.
• The stock was recently trading at $27.66 and is down 2.6% in the latest session, though it remains below its 1-year high of $31.98 and above its 1-year low of $16.83. The company also has a low debt-to-equity ratio of 0.15 and a market cap of about $839.6 million.
• Heritage’s latest earnings missed expectations, reporting $1.19 EPS versus the expected $1.53, while revenue came in slightly below estimates. Insiders have also been selling shares recently, including the CEO and CAO, while institutional investors hold about 59.03% of the stock.

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) have earned an average recommendation of "Moderate Buy" from the five brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $33.50.

HRTG has been the subject of several recent research reports. Wall Street Zen downgraded shares of Heritage Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Piper Sandler reaffirmed an "overweight" rating and set a $31.00 price objective (up from $27.00) on shares of Heritage Insurance in a research note on Wednesday. Zacks Research upgraded Heritage Insurance from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Truist Financial lowered their target price on Heritage Insurance from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Finally, Weiss Ratings lowered Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 11th.

Heritage Insurance Stock Down 2.6%

Heritage Insurance stock opened at $27.66 on Wednesday. The firm has a market capitalization of $839.60 million, a price-to-earnings ratio of 4.24 and a beta of 0.88. The firm has a 50 day simple moving average of $24.09 and a 200 day simple moving average of $25.87. Heritage Insurance has a 1-year low of $16.83 and a 1-year high of $31.98. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its 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). Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%.The firm had revenue of $212.66 million during the quarter, compared to analysts' expectations of $215.39 million. On average, analysts predict that Heritage Insurance will post 4.33 earnings per share for the current year.

Insider Transactions at Heritage Insurance

In related news, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $27.56, for a total transaction of $229,685.04. Following the completion of the transaction, the chief executive officer directly owned 1,060,955 shares of the company's stock, valued at $29,239,919.80. This trade represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $26.58, for a total value of $244,536.00. Following the completion of the sale, the chief accounting officer directly owned 105,588 shares in the company, valued at approximately $2,806,529.04. This represents a 8.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 35,934 shares of company stock worth $965,041. 9.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HRTG. Kestra Private Wealth Services LLC boosted its stake in Heritage Insurance by 1.9% in the first quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider's stock valued at $690,000 after acquiring an additional 489 shares during the period. Royal Bank of Canada lifted its holdings in shares of Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider's stock worth $35,000 after purchasing an additional 497 shares during the last quarter. Tudor Investment Corp ET AL boosted its position in Heritage Insurance by 0.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 186,380 shares of the insurance provider's stock valued at $4,693,000 after purchasing an additional 503 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 worth $196,000 after buying an additional 546 shares during the last quarter. Finally, Graham Capital Management L.P. increased its position in Heritage Insurance by 4.2% in the fourth quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider's stock worth $567,000 after buying an additional 789 shares during the period. Institutional investors own 59.03% of the company's stock.

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.

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