Heritage Insurance (NYSE:HRTG) Downgraded by StockNews.com to “Buy”

StockNews.com cut shares of Heritage Insurance (NYSE:HRTG) from a strong-buy rating to a buy rating in a report issued on Wednesday morning.

HRTG has been the topic of a number of other reports. Truist Financial boosted their target price on Heritage Insurance from $11.00 to $12.00 and gave the stock a buy rating in a report on Thursday, August 8th. Piper Sandler upgraded shares of Heritage Insurance from a neutral rating to an overweight rating and upped their price objective for the company from $9.00 to $13.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $10.67.

Heritage Insurance Price Performance

Shares of HRTG opened at $15.59 on Wednesday. The company’s fifty day simple moving average is $10.37 and its 200 day simple moving average is $9.25. Heritage Insurance has a 1-year low of $4.28 and a 1-year high of $16.90. The company has a market cap of $477.62 million, a price-to-earnings ratio of 9.51 and a beta of 0.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.23. The business had revenue of $203.57 million during the quarter, compared to the consensus estimate of $196.81 million. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. During the same period last year, the business posted $0.32 EPS. On average, research analysts forecast that Heritage Insurance will post 1.93 earnings per share for the current fiscal year.

Insider Transactions at Heritage Insurance

In other news, CEO Ernie J. Garateix purchased 5,000 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $8.59 per share, for a total transaction of $42,950.00. Following the purchase, the chief executive officer now directly owns 1,072,584 shares of the company’s stock, valued at approximately $9,213,496.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Heritage Insurance news, Chairman Richard A. Widdicombe purchased 4,437 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average cost of $14.55 per share, with a total value of $64,558.35. Following the completion of the transaction, the chairman now owns 696,497 shares in the company, valued at $10,134,031.35. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernie J. Garateix acquired 5,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $8.59 per share, with a total value of $42,950.00. Following the purchase, the chief executive officer now directly owns 1,072,584 shares in the company, valued at $9,213,496.56. The disclosure for this purchase can be found here. 14.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. ClariVest Asset Management LLC grew its position in Heritage Insurance by 2.7% during the second quarter. ClariVest Asset Management LLC now owns 61,396 shares of the insurance provider’s stock worth $435,000 after buying an additional 1,620 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Heritage Insurance by 3.9% during the 2nd quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock valued at $750,000 after acquiring an additional 4,000 shares during the period. Innealta Capital LLC acquired a new stake in shares of Heritage Insurance during the 2nd quarter worth $30,000. Empowered Funds LLC increased its position in shares of Heritage Insurance by 8.1% in the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock worth $1,030,000 after purchasing an additional 7,203 shares during the period. Finally, Valmark Advisers Inc. acquired a new position in Heritage Insurance in the second quarter valued at about $80,000. 59.03% of the stock is owned by 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.