Wall Street Zen Downgrades Heritage Insurance (NYSE:HRTG) to Buy

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 research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

A number of other analysts have also commented on the company. Piper Sandler boosted their price target on Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Truist Financial upped their target price on Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, May 8th.

Heritage Insurance Stock Up 0.7%

Shares of Heritage Insurance stock traded up $0.15 during trading on Friday, reaching $21.85. The stock had a trading volume of 128,606 shares, compared to its average volume of 367,450. The company has a market capitalization of $677.20 million, a price-to-earnings ratio of 6.30 and a beta of 1.05. The stock has a fifty day moving average price of $22.24 and a two-hundred day moving average price of $18.40. Heritage Insurance has a 52 week low of $8.70 and a 52 week high of $26.64. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.52. The company had revenue of $208.04 million for the quarter, compared to analyst estimates of $212.12 million. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%. Sell-side analysts predict that Heritage Insurance will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, Director Paul L. Whiting bought 2,500 shares of Heritage Insurance stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $20.50 per share, with a total value of $51,250.00. Following the acquisition, the director owned 87,126 shares in the company, valued at $1,786,083. This trade represents a 2.95% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 14.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HRTG. USA Financial Formulas bought a new position in shares of Heritage Insurance in the 2nd quarter valued at $25,000. Nisa Investment Advisors LLC raised 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 purchasing an additional 1,062 shares during the last quarter. AlphaQuest LLC raised its position in Heritage Insurance by 252.3% during the 2nd quarter. AlphaQuest LLC now owns 3,259 shares of the insurance provider's stock worth $81,000 after purchasing an additional 2,334 shares during the last quarter. Triumph Capital Management bought a new position in Heritage Insurance during the 4th quarter worth $121,000. Finally, Strs Ohio bought a new position in Heritage Insurance during the 1st quarter worth $127,000. 59.03% of the stock is currently owned by institutional investors.

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.