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

Heritage Insurance (NYSE:HRTG) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Several other equities analysts have also recently commented on the stock. Truist Financial raised their price target on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday. JMP Securities reissued a “market perform” rating on shares of Heritage Insurance in a research report on Monday, April 15th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Heritage Insurance Stock Up 10.3 %

HRTG stock traded up $0.76 during midday trading on Thursday, hitting $8.16. The company’s stock had a trading volume of 532,236 shares, compared to its average volume of 401,674. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.52. Heritage Insurance has a 52-week low of $4.28 and a 52-week high of $11.23. The firm has a market capitalization of $249.99 million, a P/E ratio of 4.98 and a beta of 0.90. The firm has a 50-day simple moving average of $7.42 and a 200-day simple moving average of $7.97.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.38 by $0.23. Heritage Insurance had a net margin of 6.07% and a return on equity of 24.02%. The company had revenue of $203.57 million during the quarter, compared to analysts’ expectations of $196.81 million. During the same quarter last year, the company posted $0.32 EPS. As a group, equities analysts forecast that Heritage Insurance will post 1.45 EPS for the current year.

Insider Transactions at Heritage Insurance

In other news, Director Paul L. Whiting acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $7.74 per share, with a total value of $38,700.00. Following the transaction, the director now owns 64,662 shares in the company, valued at $500,483.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of HRTG. Victory Capital Management Inc. raised its stake in Heritage Insurance by 13.0% during the 4th quarter. Victory Capital Management Inc. now owns 104,000 shares of the insurance provider’s stock worth $678,000 after acquiring an additional 12,000 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in Heritage Insurance by 11.2% in the fourth quarter. Essex Investment Management Co. LLC now owns 372,076 shares of the insurance provider’s stock valued at $2,426,000 after purchasing an additional 37,581 shares during the period. Tower Research Capital LLC TRC acquired a new position in Heritage Insurance in the fourth quarter valued at $40,000. Assenagon Asset Management S.A. increased its stake in Heritage Insurance by 265.3% in the first quarter. Assenagon Asset Management S.A. now owns 314,856 shares of the insurance provider’s stock valued at $3,353,000 after purchasing an additional 228,655 shares during the period. Finally, Empowered Funds LLC increased its stake in Heritage Insurance by 8.1% in the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock valued at $1,030,000 after purchasing an additional 7,203 shares during the period. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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.