Heritage Insurance (NYSE:HRTG) Shares Down 18.6% - Time to Sell?

Key Points

• Heritage Insurance's stock price fell 18.6%, trading as low as $17.64, significantly dropping from its previous close of $21.66.
• Analysts have upgraded Heritage Insurance, with Piper Sandler raising the target price from $19.00 to $28.00 and Truist Financial increasing it from $20.00 to $30.00.
• The company reported $1.55 EPS for the last quarter, surpassing estimates, but with revenue falling short at $208.04 million against predictions of $212.12 million.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s share price dropped 18.6% during trading on Wednesday . The stock traded as low as $18.09 and last traded at $17.64. Approximately 278,946 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 349,923 shares. The stock had previously closed at $21.66.

Wall Street Analyst Weigh In

HRTG has been the subject of several recent research reports. Truist Financial upped their price target on Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Piper Sandler upped 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. Finally, Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday.

Heritage Insurance Stock Performance

The company has a market capitalization of $661.33 million, a P/E ratio of 6.15 and a beta of 1.05. The firm has a 50 day moving average price of $22.39 and a two-hundred day moving average price of $18.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.78.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share 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 company had revenue of $208.04 million for the quarter, compared to analyst estimates of $212.12 million. On average, research analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Heritage Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of HRTG. Jacobs Levy Equity Management Inc. bought a new position in Heritage Insurance in the 4th quarter valued at $7,799,000. Dimensional Fund Advisors LP boosted its position in shares of Heritage Insurance by 14.1% in the 4th 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 during the last quarter. Invesco Ltd. boosted its position in shares of Heritage Insurance by 24.0% in the 4th 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Heritage Insurance by 33.6% in the 2nd 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 during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Heritage Insurance by 49.6% in the 4th quarter. AQR Capital Management LLC now owns 468,860 shares of the insurance provider's stock worth $5,673,000 after purchasing an additional 155,358 shares during the last quarter. 59.03% of the stock is owned by institutional investors and hedge funds.

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.