Heritage Insurance (NYSE:HRTG) Sets New 12-Month High on Analyst Upgrade

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares hit a new 52-week high during mid-day trading on Friday after Truist Financial raised their price target on the stock from $35.00 to $37.00. Truist Financial currently has a buy rating on the stock. Heritage Insurance traded as high as $29.10 and last traded at $28.8710, with a volume of 200695 shares changing hands. The stock had previously closed at $27.85.

A number of other research analysts have also issued reports on the company. Zacks Research lowered Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings raised shares of Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. Finally, Wall Street Zen downgraded shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $32.50.

Insider Transactions at Heritage Insurance

In other news, CFO Kirk Lusk sold 19,929 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $24.18, for a total transaction of $481,883.22. Following the completion of the transaction, the chief financial officer owned 558,756 shares in the company, valued at approximately $13,510,720.08. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Sharon Binnun sold 21,000 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $24.47, for a total transaction of $513,870.00. Following the completion of the sale, the chief accounting officer owned 176,006 shares in the company, valued at $4,306,866.82. The trade was a 10.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 322,668 shares of company stock worth $8,147,141 over the last 90 days. 15.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Heritage Insurance by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after purchasing an additional 546 shares during the period. USA Financial Formulas purchased a new position in Heritage Insurance in the 2nd quarter worth about $25,000. Financial Management Professionals Inc. purchased a new stake in Heritage Insurance during the third quarter valued at about $26,000. Nisa Investment Advisors LLC boosted its holdings in shares of Heritage Insurance by 2,413.6% in the second quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider’s stock worth $28,000 after buying an additional 1,062 shares during the period. Finally, BNP Paribas Financial Markets increased its position in shares of Heritage Insurance by 77.3% in the second quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 1,323 shares in the last quarter. Institutional investors own 59.03% of the company’s stock.

Heritage Insurance Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $889.03 million, a price-to-earnings ratio of 5.93 and a beta of 0.95. The stock’s fifty day moving average price is $24.48 and its 200-day moving average price is $23.05.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $1.10. The company had revenue of $212.46 million for the quarter, compared to the consensus estimate of $210.12 million. Heritage Insurance had a net margin of 17.72% and a return on equity of 44.62%. Equities research analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

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.