Heritage Insurance (NYSE:HRTG) Lowered to Buy Rating by Wall Street Zen

Key Points

• Heritage Insurance has been downgraded from a "strong-buy" rating to a "buy" rating by Wall Street Zen.
• Truist Financial and Piper Sandler raised their price targets for Heritage Insurance to $30.00 and $28.00 respectively.
• Heritage Insurance's stock recently experienced a 3.3% increase, bringing its price to $21.34 with a market cap of $661.33 million.

Heritage Insurance (NYSE:HRTG - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

HRTG has been the topic of several other reports. Truist Financial upped their price target on Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Piper Sandler upped their price target on Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th.

Heritage Insurance Trading Up 3.2%

HRTG stock traded up $0.67 during midday trading on Friday, hitting $21.61. The company had a trading volume of 412,477 shares, compared to its average volume of 368,161. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. Heritage Insurance has a 52 week low of $8.70 and a 52 week high of $26.64. The stock's 50 day moving average price is $22.30 and its 200 day moving average price is $18.38. The stock has a market cap of $669.79 million, a price-to-earnings ratio of 6.23 and a beta of 1.05.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.52. Heritage Insurance had a return on equity of 35.68% and a net margin of 12.71%. The firm had revenue of $208.04 million for the quarter, compared to analysts' expectations of $212.12 million. As a group, equities research analysts expect that Heritage Insurance will post 1.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. purchased a new stake in Heritage Insurance in the fourth quarter worth about $7,799,000. Prudential Financial Inc. increased its position in Heritage Insurance by 290.8% in the second quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider's stock worth $9,567,000 after buying an additional 285,425 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Heritage Insurance by 14.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider's stock worth $18,993,000 after purchasing an additional 193,590 shares in the last quarter. Invesco Ltd. grew its position in shares of Heritage Insurance by 24.0% during the fourth quarter. Invesco Ltd. now owns 944,639 shares of the insurance provider's stock worth $11,430,000 after purchasing an additional 182,624 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Heritage Insurance by 33.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider's stock worth $16,180,000 after purchasing an additional 163,142 shares in the last quarter. Institutional investors own 59.03% of the company's stock.

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.