Key Points
- Director Paul Whiting bought 16,000 shares of Heritage Insurance on May 19 at an average price of $23.56, increasing his stake by 18.36% to 103,126 shares.
- Heritage Insurance recently missed quarterly earnings estimates, reporting $1.19 EPS versus the expected $1.53, while revenue came in slightly below forecasts at $212.66 million.
- Analyst sentiment is mixed to cautious, with the stock carrying a consensus rating of “Hold” and an average price target of $36.00 after several recent rating downgrades.
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) Director Paul Whiting acquired 16,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average cost of $23.56 per share, with a total value of $376,960.00. Following the completion of the purchase, the director owned 103,126 shares of the company's stock, valued at approximately $2,429,648.56. The trade was a 18.36% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Heritage Insurance Stock Performance
Shares of NYSE:HRTG opened at $23.26 on Thursday. The company has a market cap of $705.79 million, a price-to-earnings ratio of 3.57 and a beta of 1.03. The company has a 50-day moving average price of $26.51 and a 200-day moving average price of $27.03. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. Heritage Insurance Holdings, Inc. has a 12 month low of $16.83 and a 12 month high of $31.98.
Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34). The firm had revenue of $212.66 million for the quarter, compared to the consensus estimate of $215.39 million. Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. As a group, equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current year.
Hedge Funds Weigh In On Heritage Insurance
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in shares of Heritage Insurance by 92.5% during the first quarter. Bank of America Corp DE now owns 194,689 shares of the insurance provider's stock valued at $5,111,000 after purchasing an additional 93,548 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Heritage Insurance by 6.5% during the first quarter. Empowered Funds LLC now owns 162,178 shares of the insurance provider's stock valued at $4,257,000 after purchasing an additional 9,924 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Heritage Insurance by 26.7% during the first quarter. Quantinno Capital Management LP now owns 23,781 shares of the insurance provider's stock valued at $624,000 after buying an additional 5,015 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Heritage Insurance by 52.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider's stock valued at $5,740,000 after buying an additional 75,339 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Heritage Insurance by 5.6% during the first quarter. First Trust Advisors LP now owns 86,818 shares of the insurance provider's stock valued at $2,279,000 after buying an additional 4,569 shares during the last quarter. Institutional investors own 59.03% of the company's stock.
Analysts Set New Price Targets
HRTG has been the subject of several research analyst reports. Zacks Research lowered shares of Heritage Insurance from a "strong-buy" rating to a "strong sell" rating in a report on Monday, May 11th. Citigroup restated a "market perform" rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Wall Street Zen lowered shares of Heritage Insurance from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Truist Financial lowered their price objective on shares of Heritage Insurance from $39.00 to $36.00 and set a "buy" rating for the company in a report on Monday, May 11th. Finally, Weiss Ratings lowered shares of Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $36.00.
Check Out Our Latest Report on HRTG
Heritage Insurance Company Profile
(
Get Free Report)
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.
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