Heritage Insurance (NYSE:HRTG) Cut to "Hold" at Zacks Research

Key Points

• Heritage Insurance has been downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating, reflecting concerns among analysts about its recent performance.
• The company's shares rose by 2.2% to open at $25.38, with a market capitalization of approximately $787.38 million and a price-to-earnings ratio of 7.31.
• Notable insider activity includes Director Paul L. Whiting purchasing shares valued at $51,250, while CEO Ernie J. Garateix sold 25,000 shares for $615,250.

Heritage Insurance (NYSE:HRTG - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Truist Financial raised their price objective on Heritage Insurance from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Heritage Insurance in a research report on Saturday, September 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.50.

Heritage Insurance Stock Up 2.2%

Shares of NYSE:HRTG opened at $25.38 on Monday. The company has a market capitalization of $787.38 million, a price-to-earnings ratio of 7.31 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average of $23.22 and a two-hundred day moving average of $21.69. Heritage Insurance has a 52-week low of $9.01 and a 52-week high of $29.10.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.52. The firm had revenue of $208.04 million during the quarter, compared to the consensus estimate of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. As a group, analysts forecast that Heritage Insurance will post 1.86 earnings per share for the current fiscal year.

Insider Activity at Heritage Insurance

In related news, Director Paul L. Whiting purchased 2,500 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $20.50 per share, with a total value of $51,250.00. Following the completion of the transaction, the director owned 87,126 shares of the company's stock, valued at approximately $1,786,083. This trade represents a 2.95% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ernie J. Garateix sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $24.61, for a total value of $615,250.00. Following the completion of the sale, the chief executive officer directly owned 1,245,808 shares of the company's stock, valued at approximately $30,659,334.88. The trade was a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 194,334 shares of company stock valued at $4,745,788 over the last ninety days. Company insiders own 14.00% of the company's stock.

Hedge Funds Weigh In On Heritage Insurance

Hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new position in Heritage Insurance during the 2nd quarter worth $25,000. Nisa Investment Advisors LLC grew its position in Heritage Insurance by 2,413.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider's stock worth $28,000 after acquiring an additional 1,062 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Heritage Insurance during the 3rd quarter worth $66,000. BNP Paribas Financial Markets grew its position in Heritage Insurance by 77.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock worth $76,000 after acquiring an additional 1,323 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Heritage Insurance by 8,472.2% in the 1st quarter. GAMMA Investing LLC now owns 3,086 shares of the insurance provider's stock valued at $450,000 after buying an additional 3,050 shares during the last quarter. Institutional investors own 59.03% of the company's stock.

Heritage Insurance Company Profile

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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