Heritage Insurance (NYSE:HRTG) Hits New 12-Month High - Time to Buy?

Key Points

• Heritage Insurance shares reached a new 52-week high of $37.30, trading around $36.90. Analysts maintain a “Moderate Buy” consensus, with an average price target of $36.50 and Truist’s target reaching $42.
• The company reported strong quarterly results, earning $2.05 per share versus the $1.25 consensus estimate and generating $214.19 million in revenue. Heritage posted a 42.41% return on equity and a 25.19% net margin.
• Insiders sold 77,069 shares worth approximately $2.58 million over the past 90 days, while institutional ownership stands at 59.03%; several funds recently initiated or increased positions.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $37.30 and last traded at $36.9030, with a volume of 9,778 shares trading hands. The stock had previously closed at $36.29.

Analysts Set New Price Targets

HRTG has been the subject of several research analyst reports. Weiss Ratings raised Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, September 8th. Wall Street Zen upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Truist Financial lifted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Zacks Research lowered shares of Heritage Insurance from a "strong-buy" rating to a "hold" rating in a report on Friday, October 9th. Finally, Piper Sandler upped their price objective on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Heritage Insurance presently has an average rating of "Moderate Buy" and a consensus target price of $36.50.

Heritage Insurance Stock Up 1.2%

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $1.09 billion, a P/E ratio of 5.24 and a beta of 0.92. The stock has a 50 day moving average price of $34.09 and a 200 day moving average price of $28.67.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.80. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. The business had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. On average, research analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.50 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Kirk Lusk sold 10,000 shares of Heritage Insurance stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.16, for a total transaction of $341,600.00. Following the sale, the chief financial officer directly owned 492,522 shares of the company's stock, valued at approximately $16,824,551.52. This trade represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Timothy Moura sold 15,104 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $32.49, for a total value of $490,728.96. Following the sale, the insider owned 144,941 shares in the company, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 77,069 shares of company stock valued at $2,578,235. 9.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Heritage Insurance

Hedge funds have recently added to or reduced their stakes in the business. Engineers Gate Manager LP increased its stake in shares of Heritage Insurance by 308.0% in the second quarter. Engineers Gate Manager LP now owns 38,182 shares of the insurance provider's stock valued at $996,000 after buying an additional 28,824 shares during the period. Corient Private Wealth LP bought a new position in shares of Heritage Insurance during the second quarter worth about $1,091,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Heritage Insurance in the second quarter worth approximately $960,000. Hsbc Holdings PLC acquired a new position in shares of Heritage Insurance in the second quarter worth approximately $272,000. Finally, Empowered Funds LLC bought a new stake in Heritage Insurance in the second quarter valued at approximately $4,230,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Insurance

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance holding company focused primarily on residential property insurance. Through its operating subsidiaries, the company provides coverage for homeowners, condominium owners, renters, and other residential property owners, including protection against risks such as wind, storm, fire, and other covered losses.

Heritage has historically concentrated on catastrophe-exposed markets, particularly Florida and other coastal areas of the southeastern United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.