Heritage Insurance (NYSE:HRTG) Announces Earnings Results, Beats Estimates By $0.52 EPS

Key Points

• Heritage Insurance reported earnings of $1.55 EPS for the quarter, which exceeded analysts' estimates of $1.03 by $0.52.
• The company's stock price increased by 2.0% to $21.63, following the positive earnings announcement.
• Institutional investors have increased their positions, with Millennium Management LLC boosting its holdings by 39.8% during the first quarter.

Heritage Insurance (NYSE:HRTG - Get Free Report) released its earnings results on Tuesday. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.52, Zacks reports. Heritage Insurance had a return on equity of 26.95% and a net margin of 9.29%.

Heritage Insurance Stock Up 2.0%

NYSE HRTG traded up $0.42 during trading on Tuesday, reaching $21.63. 621,366 shares of the company's stock were exchanged, compared to its average volume of 350,780. Heritage Insurance has a fifty-two week low of $7.09 and a fifty-two week high of $26.64. The firm has a market capitalization of $670.41 million, a PE ratio of 8.55 and a beta of 1.05. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The company's fifty day simple moving average is $22.65 and its 200-day simple moving average is $18.05.

Insider Buying and Selling

In other Heritage Insurance news, Director Panagiotis Apostolou sold 25,000 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $25.40, for a total transaction of $635,000.00. Following the completion of the sale, the director directly owned 164,719 shares in the company, valued at approximately $4,183,862.60. This trade represents a 13.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 14.00% of the company's stock.

Institutional Investors Weigh In On Heritage Insurance

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC lifted its holdings 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 valued at $4,657,000 after buying an additional 91,982 shares during the last quarter. Empowered Funds LLC lifted its holdings 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 valued at $1,800,000 after buying an additional 9,728 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 buying an additional 546 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Heritage Insurance in the 1st quarter valued at approximately $127,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on HRTG shares. Truist Financial increased their price target on Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen upgraded Heritage Insurance from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Piper Sandler increased their price target on Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.

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