Heritage Insurance (NYSE:HRTG) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a buy rating in a research note published on Saturday.

A number of other equities analysts have also weighed in on HRTG. Weiss Ratings restated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Truist Financial boosted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Piper Sandler raised 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Heritage Insurance has a consensus rating of “Buy” and an average price target of $36.50.

Heritage Insurance Stock Up 1.9%

HRTG stock opened at $33.90 on Friday. The stock has a market capitalization of $1.01 billion, a P/E ratio of 4.83 and a beta of 0.89. The firm has a 50-day simple moving average of $27.23 and a 200-day simple moving average of $26.31. The company has a quick ratio of 0.80, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. Heritage Insurance has a 52 week low of $20.48 and a 52 week high of $36.50.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The firm had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Equities analysts forecast that Heritage Insurance will post 5.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other news, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $30.03, for a total transaction of $276,276.00. Following the completion of the transaction, the chief accounting officer directly owned 96,388 shares in the company, valued at approximately $2,894,531.64. This represents a 8.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 15,104 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $32.49, for a total transaction of $490,728.96. Following the completion of the transaction, the insider directly owned 144,941 shares in the company, valued at $4,709,133.09. The trade was a 9.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 42,704 shares of company stock worth $1,235,653 over the last quarter. 9.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Heritage Insurance

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Private Wealth Services LLC grew its stake in shares of Heritage Insurance by 1.9% in the first quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider’s stock valued at $690,000 after buying an additional 489 shares in the last quarter. Royal Bank of Canada lifted its stake in Heritage Insurance by 72.6% during the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Heritage Insurance by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after acquiring an additional 546 shares in the last quarter. Graham Capital Management L.P. lifted its stake in Heritage Insurance by 4.2% during the 4th quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider’s stock worth $567,000 after acquiring an additional 789 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in Heritage Insurance during the 3rd quarter valued at about $25,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

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.