Heritage Insurance (NYSE:HRTG) Issues Quarterly Earnings Results

Heritage Insurance (NYSE:HRTG) issued its earnings results on Wednesday. The insurance provider reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.81, FiscalAI reports. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The business had revenue of $219.24 million for the quarter, compared to the consensus estimate of $217.34 million.

Heritage Insurance Stock Down 4.4%

HRTG stock traded down $1.59 during trading on Wednesday, reaching $34.62. 209,983 shares of the company traded hands, compared to its average volume of 342,895. Heritage Insurance has a 12 month low of $20.48 and a 12 month high of $37.87. The business has a 50 day simple moving average of $34.68 and a 200 day simple moving average of $28.47. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 4.93 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83.

Insiders Place Their Bets

In other news, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $33.91, for a total value of $311,972.00. Following the sale, the chief accounting officer directly owned 87,188 shares in the company, valued at approximately $2,956,545.08. This trade represents a 9.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie Garateix sold 10,000 shares of Heritage Insurance stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $34.88, for a total transaction of $348,800.00. Following the completion of the transaction, the chief executive officer directly owned 1,040,955 shares in the company, valued at approximately $36,308,510.40. The trade was a 0.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 80,569 shares of company stock valued at $2,703,920 in the last three months. 9.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on HRTG shares. Piper Sandler raised their price objective on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Raymond James Financial initiated coverage on Heritage Insurance in a report on Friday, October 16th. They issued a “market perform” rating for the company. Weiss Ratings upgraded shares of Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, September 8th. Wall Street Zen raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Finally, Zacks Research lowered shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE:HRTG) is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.