Heritage Insurance (NYSE:HRTG) Stock Rating Lowered by Zacks Research

Heritage Insurance (NYSE:HRTG) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities analysts have also weighed in on the company. Wall Street Zen lowered Heritage Insurance from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup reiterated a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Truist Financial cut their price target on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday. Finally, Weiss Ratings lowered Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Heritage Insurance currently has an average rating of “Hold” and a consensus target price of $36.00.

Heritage Insurance Stock Performance

NYSE HRTG opened at $22.99 on Monday. The stock has a 50-day simple moving average of $27.06 and a two-hundred day simple moving average of $27.04. The firm has a market capitalization of $697.72 million, a P/E ratio of 3.53 and a beta of 1.03. Heritage Insurance has a fifty-two week low of $16.83 and a fifty-two week high of $31.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.80.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Thursday, May 7th. The insurance provider reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.34). The company had revenue of $212.66 million for the quarter, compared to analysts’ expectations of $215.39 million. Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. On average, equities analysts forecast that Heritage Insurance will post 4.58 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $27.56, for a total value of $229,685.04. Following the sale, the chief executive officer directly owned 1,060,955 shares in the company, valued at approximately $29,239,919.80. The trade was a 0.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $28.99, for a total value of $266,708.00. Following the completion of the sale, the chief accounting officer owned 123,988 shares in the company, valued at approximately $3,594,412.12. The trade was a 6.91% decrease in their ownership of the stock. 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 three months, insiders have sold 130,918 shares of company stock worth $3,446,606. Insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several institutional investors have recently bought and sold shares of the company. Kestra Private Wealth Services LLC boosted its holdings in shares of Heritage Insurance by 1.9% during the 1st quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider’s stock worth $690,000 after purchasing an additional 489 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of 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 purchasing an additional 497 shares during the last quarter. Tudor Investment Corp ET AL boosted its holdings in shares of Heritage Insurance by 0.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 186,380 shares of the insurance provider’s stock worth $4,693,000 after purchasing an additional 503 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 purchasing an additional 546 shares during the last quarter. Finally, Graham Capital Management L.P. boosted its holdings in shares of 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 purchasing an additional 789 shares during the last quarter. 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 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.