Heritage Insurance Holdings, Inc. (NYSE:HRTG) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) from a hold rating to a buy rating in a research note released on Tuesday, October 17th.

Several other equities research analysts have also recently commented on the stock. SunTrust Banks, Inc. reiterated a buy rating and issued a $18.00 price target on shares of Heritage Insurance Holdings in a research report on Tuesday, September 26th. Keefe, Bruyette & Woods reissued a buy rating and issued a $17.00 price target on shares of Heritage Insurance Holdings in a research note on Thursday, September 21st. TheStreet cut Heritage Insurance Holdings from a b- rating to a c rating in a research note on Friday, August 4th. Finally, Zacks Investment Research raised Heritage Insurance Holdings from a sell rating to a hold rating in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $17.67.

Shares of Heritage Insurance Holdings (HRTG) opened at 16.45 on Tuesday. Heritage Insurance Holdings has a 52-week low of $8.85 and a 52-week high of $16.64. The firm has a market cap of $488.57 million, a price-to-earnings ratio of 23.20 and a beta of 1.36. The company’s 50-day moving average is $13.56 and its 200 day moving average is $12.63.

Heritage Insurance Holdings (NYSE:HRTG) last issued its quarterly earnings data on Tuesday, August 8th. The insurance provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Heritage Insurance Holdings had a net margin of 5.07% and a return on equity of 5.67%. The business had revenue of $96.90 million for the quarter, compared to analysts’ expectations of $100.17 million. During the same period in the previous year, the business earned $0.62 earnings per share. The company’s revenue was down 15.9% on a year-over-year basis. On average, analysts expect that Heritage Insurance Holdings will post $0.73 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were paid a $0.06 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.24 annualized dividend and a dividend yield of 1.46%. Heritage Insurance Holdings’s payout ratio is 33.33%.

In other news, CEO Bruce Lucas bought 22,000 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average cost of $11.58 per share, for a total transaction of $254,760.00. Following the completion of the purchase, the chief executive officer now owns 869,595 shares of the company’s stock, valued at approximately $10,069,910.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Richard A. Widdicombe bought 16,500 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was purchased at an average price of $11.32 per share, with a total value of $186,780.00. Following the completion of the purchase, the president now directly owns 775,612 shares of the company’s stock, valued at approximately $8,779,927.84. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 91,350 shares of company stock valued at $1,051,923. Corporate insiders own 16.10% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Heritage Insurance Holdings by 26.1% in the second quarter. Dimensional Fund Advisors LP now owns 987,200 shares of the insurance provider’s stock valued at $12,853,000 after acquiring an additional 204,088 shares during the period. Ameriprise Financial Inc. grew its position in Heritage Insurance Holdings by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 863,752 shares of the insurance provider’s stock valued at $11,247,000 after acquiring an additional 29,740 shares during the period. Royce & Associates LP grew its position in Heritage Insurance Holdings by 2.8% in the second quarter. Royce & Associates LP now owns 630,700 shares of the insurance provider’s stock valued at $8,212,000 after acquiring an additional 17,200 shares during the period. AQR Capital Management LLC grew its position in Heritage Insurance Holdings by 18.9% in the first quarter. AQR Capital Management LLC now owns 526,165 shares of the insurance provider’s stock valued at $6,719,000 after acquiring an additional 83,586 shares during the period. Finally, State Street Corp grew its position in Heritage Insurance Holdings by 6.3% in the second quarter. State Street Corp now owns 484,242 shares of the insurance provider’s stock valued at $6,304,000 after acquiring an additional 28,728 shares during the period. Hedge funds and other institutional investors own 60.56% of the company’s stock.

About Heritage Insurance Holdings

Heritage Insurance Holdings, Inc (Heritage Insurance) is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company (Heritage P&C), it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.

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