Truist Financial Raises Heritage Insurance (NYSE:HRTG) Price Target to $30.00

Heritage Insurance (NYSE:HRTG) had its price target boosted by Truist Financial from $20.00 to $30.00 in a research note released on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the insurance provider’s stock.

Separately, StockNews.com lowered shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 18th.

Heritage Insurance Stock Performance

Shares of NYSE HRTG opened at $26.02 on Thursday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average price is $16.24 and its two-hundred day moving average price is $13.29. Heritage Insurance has a 52-week low of $6.14 and a 52-week high of $26.35. The stock has a market capitalization of $806.44 million, a P/E ratio of 10.41 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.53. The firm had revenue of $211.52 million for the quarter, compared to analyst estimates of $213.68 million. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. As a group, sell-side analysts forecast that Heritage Insurance will post 1.86 earnings per share for the current year.

Insider Activity at Heritage Insurance

In other news, CEO Ernie J. Garateix bought 5,000 shares of the business’s stock in a transaction on Friday, March 14th. The stock was purchased at an average cost of $12.77 per share, for a total transaction of $63,850.00. Following the completion of the transaction, the chief executive officer now directly owns 1,270,808 shares of the company’s stock, valued at approximately $16,228,218.16. This trade represents a 0.40 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul L. Whiting purchased 10,000 shares of the stock in a transaction dated Friday, March 14th. The shares were purchased at an average price of $13.35 per share, for a total transaction of $133,500.00. Following the completion of the transaction, the director now owns 79,576 shares in the company, valued at $1,062,339.60. This trade represents a 14.37 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 21,000 shares of company stock worth $280,450 over the last ninety days. 15.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Heritage Insurance

Several hedge funds have recently made changes to their positions in the business. Stifel Financial Corp grew its position in Heritage Insurance by 3.0% in the fourth quarter. Stifel Financial Corp now owns 56,825 shares of the insurance provider’s stock worth $688,000 after buying an additional 1,640 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Heritage Insurance by 222.2% in the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 2,000 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Heritage Insurance by 18.1% during the fourth quarter. Wells Fargo & Company MN now owns 13,419 shares of the insurance provider’s stock worth $162,000 after purchasing an additional 2,058 shares during the period. Brandywine Global Investment Management LLC lifted its holdings in shares of Heritage Insurance by 21.7% during the fourth quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 2,210 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its stake in Heritage Insurance by 0.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 366,595 shares of the insurance provider’s stock worth $4,436,000 after purchasing an additional 2,479 shares in the last quarter. Institutional investors and hedge funds own 59.03% of the company’s stock.

About Heritage Insurance

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.