Truist Financial Cuts Heritage Insurance (NYSE:HRTG) Price Target to $36.00

Key Points

• Truist Financial lowered its price target on Heritage Insurance from $39 to $36, while keeping a buy rating. The new target still implies about 62.9% upside from the current share price.
• Heritage Insurance reported Q1 earnings of $1.19 per share, missing analyst expectations of $1.53, while revenue also came in slightly below estimates. Despite the miss, analysts still expect the company to post 4.7 EPS for the full year.
• The stock traded around $22.10 on Monday, below its 50-day and 200-day moving averages, while insiders recently sold shares and institutions continued to hold a majority stake. Hedge funds and other institutional investors own about 59% of the company.

Heritage Insurance (NYSE:HRTG - Get Free Report) had its price target reduced by research analysts at Truist Financial from $39.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the insurance provider's stock. Truist Financial's price objective would indicate a potential upside of 62.90% from the company's current price.

Several other brokerages have also issued reports on HRTG. Weiss Ratings restated a "buy (b)" rating on shares of Heritage Insurance in a research note on Friday, March 27th. Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 11th. Citigroup reiterated a "market perform" rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Finally, Wall Street Zen lowered Heritage Insurance from a "buy" rating to a "hold" rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Heritage Insurance presently has a consensus rating of "Buy" and a consensus price target of $36.00.

Heritage Insurance Stock Performance

Shares of HRTG traded down $0.31 during mid-day trading on Monday, hitting $22.10. The stock had a trading volume of 268,040 shares, compared to its average volume of 326,873. The firm has a market cap of $670.74 million, a P/E ratio of 3.39 and a beta of 1.03. The business has a fifty day moving average price of $27.37 and a 200-day moving average price of $27.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.83 and a quick ratio of 0.83. Heritage Insurance has a 52 week low of $16.83 and a 52 week high of $31.98.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.34). The firm had revenue of $212.66 million during the quarter, compared to the consensus estimate of $215.39 million. Heritage Insurance had a net margin of 23.76% and a return on equity of 45.62%. On average, equities research analysts expect that Heritage Insurance will post 4.7 EPS for the current year.

Insider Activity at Heritage Insurance

In related news, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $28.99, for a total transaction of $266,708.00. Following the completion of the sale, the chief accounting officer directly owned 123,988 shares in the company, valued at $3,594,412.12. This represents a 6.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 24,769 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $25.76, for a total value of $638,049.44. Following the sale, the insider owned 160,045 shares of the company's stock, valued at $4,122,759.20. This represents a 13.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 130,918 shares of company stock worth $3,446,606 in the last ninety days. 15.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Heritage Insurance

Several institutional investors and hedge funds have recently bought and sold shares of HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Heritage Insurance by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock worth $196,000 after buying an additional 546 shares during the period. Millennium Management LLC lifted its stake in shares of Heritage Insurance by 39.8% in the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock valued at $4,657,000 after purchasing an additional 91,982 shares during the period. Empowered Funds LLC lifted its stake in shares of Heritage Insurance by 8.4% in the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider's stock valued at $1,800,000 after purchasing an additional 9,728 shares during the period. Strs Ohio purchased a new position in shares of Heritage Insurance in the 1st quarter valued at approximately $127,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock valued at $3,514,000 after purchasing an additional 128,927 shares during the period. Hedge funds and other institutional investors own 59.03% of the company's stock.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.

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