StockNews.com Upgrades Heritage Insurance (NYSE:HRTG) to Buy

StockNews.com upgraded shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a buy rating in a report released on Monday morning.

HRTG has been the topic of several other research reports. Truist Financial upped their price objective on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler raised shares of Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $9.00 to $13.00 in a report on Friday, August 9th.

Heritage Insurance Price Performance

Shares of HRTG opened at $12.36 on Monday. The company has a 50 day moving average of $11.80 and a two-hundred day moving average of $10.62. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.42. Heritage Insurance has a twelve month low of $5.51 and a twelve month high of $16.90. The company has a market cap of $379.20 million, a price-to-earnings ratio of 4.94 and a beta of 0.98.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.25. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. The firm had revenue of $211.85 million during the quarter, compared to analysts’ expectations of $209.91 million. During the same quarter last year, the firm earned ($0.28) EPS. As a group, analysts predict that Heritage Insurance will post 1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Nicholas George Pappas sold 4,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $12.64, for a total value of $50,560.00. Following the sale, the director now owns 76,314 shares in the company, valued at $964,608.96. This represents a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC acquired a new position in shares of Heritage Insurance in the 3rd quarter valued at about $49,000. Innealta Capital LLC purchased a new position in Heritage Insurance during the second quarter valued at approximately $30,000. Valmark Advisers Inc. acquired a new position in Heritage Insurance in the second quarter valued at approximately $80,000. MetLife Investment Management LLC boosted its position in Heritage Insurance by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider’s stock worth $164,000 after purchasing an additional 7,545 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of Heritage Insurance during the 2nd quarter worth approximately $102,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.