Heritage Insurance (NYSE:HRTG) Announces Quarterly Earnings Results

Heritage Insurance (NYSE:HRTG) announced its quarterly earnings results on Thursday. The insurance provider reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.34), FiscalAI reports. The firm had revenue of $212.66 million during the quarter, compared to analysts’ expectations of $215.39 million. Heritage Insurance had a net margin of 23.08% and a return on equity of 47.28%.

Heritage Insurance Price Performance

Shares of HRTG traded down $5.73 during trading hours on Friday, reaching $22.31. 1,789,354 shares of the company traded hands, compared to its average volume of 328,271. The stock has a market capitalization of $676.96 million, a PE ratio of 3.53 and a beta of 1.03. The stock has a fifty day simple moving average of $27.37 and a 200 day simple moving average of $27.06. Heritage Insurance has a fifty-two week low of $16.83 and a fifty-two week high of $31.98. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on HRTG shares. Citigroup reissued a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Heritage Insurance in a report on Friday, March 27th. Truist Financial increased their price target on shares of Heritage Insurance from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Finally, Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $39.00.

Insider Buying and Selling at Heritage Insurance

In other news, CEO Ernie J. Garateix sold 8,334 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $27.56, for a total value of $229,685.04. Following the completion of the transaction, the chief executive officer owned 1,060,955 shares of the company’s stock, valued at $29,239,919.80. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $25.72, for a total transaction of $236,624.00. Following the sale, the chief accounting officer owned 133,188 shares in the company, valued at approximately $3,425,595.36. This trade represents a 6.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 130,918 shares of company stock worth $3,446,606. Corporate insiders own 15.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company purchased a new stake in shares of Heritage Insurance in the second quarter valued at $205,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 last quarter. New York State Common Retirement Fund grew its holdings in Heritage Insurance by 127.6% in the 2nd quarter. New York State Common Retirement Fund now owns 6,600 shares of the insurance provider’s stock valued at $165,000 after buying an additional 3,700 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Heritage Insurance by 77.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,379 shares of the insurance provider’s stock valued at $135,000 after acquiring an additional 2,344 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Heritage Insurance during the 1st quarter worth about $127,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

About Heritage Insurance

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.