Heritage Insurance Holdings Inc. (NYSE:HRTG) has been assigned an average recommendation of “Buy” from the six analysts that are presently covering the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $16.33.
A number of equities research analysts have commented on HRTG shares. Sandler O’Neill upgraded shares of Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Friday, September 23rd. Keefe, Bruyette & Woods set a $17.00 price target on shares of Heritage Insurance Holdings and gave the stock a “buy” rating in a report on Tuesday, August 9th. Citigroup Inc. dropped their price objective on shares of Heritage Insurance Holdings from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Zacks Investment Research raised shares of Heritage Insurance Holdings from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 5th.
In related news, Director Vijay Walvekar sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $13.90, for a total transaction of $69,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Masiello purchased 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were purchased at an average cost of $12.96 per share, for a total transaction of $259,200.00. Following the completion of the transaction, the director now directly owns 229,795 shares of the company’s stock, valued at $2,978,143.20. The disclosure for this purchase can be found here. Corporate insiders own 15.10% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA purchased a new position in Heritage Insurance Holdings during the first quarter worth $343,000. Prudential Financial Inc. purchased a new position in Heritage Insurance Holdings during the first quarter worth $433,000. Columbia Partners L L C Investment Management purchased a new position in Heritage Insurance Holdings during the first quarter worth $1,570,000. Goldman Sachs Group Inc. raised its position in Heritage Insurance Holdings by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 49,608 shares of the company’s stock worth $792,000 after buying an additional 3,597 shares during the last quarter. Finally, Bogle Investment Management L P DE purchased a new position in Heritage Insurance Holdings during the first quarter worth $541,000. 54.81% of the stock is currently owned by institutional investors.
Heritage Insurance Holdings (NYSE:HRTG) opened at 12.63 on Wednesday. The firm has a market capitalization of $375.11 million, a price-to-earnings ratio of 6.09 and a beta of 0.99. Heritage Insurance Holdings has a 1-year low of $11.50 and a 1-year high of $24.98. The stock’s 50 day moving average is $13.70 and its 200 day moving average is $13.28.
Heritage Insurance Holdings (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. The business earned $115.28 million during the quarter, compared to analysts’ expectations of $113.73 million. Heritage Insurance Holdings had a net margin of 15.06% and a return on equity of 17.73%. The business’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the company posted $0.84 earnings per share. Analysts predict that Heritage Insurance Holdings will post $1.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Tuesday, September 13th. Heritage Insurance Holdings’s payout ratio is currently 11.59%.
About Heritage Insurance Holdings
Heritage Insurance Holdings, Inc is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company, it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.
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