Heritage Insurance (NYSE:HRTG) Raised to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Heritage Insurance (NYSE:HRTG) from a neutral rating to an overweight rating in a research report released on Friday morning, MarketBeat.com reports. The brokerage currently has $13.00 price objective on the insurance provider’s stock, up from their prior price objective of $9.00.

A number of other research analysts also recently issued reports on the company. Truist Financial lifted their price target on Heritage Insurance from $11.00 to $12.00 and gave the company a buy rating in a report on Thursday, August 8th. StockNews.com upgraded Heritage Insurance from a hold rating to a buy rating in a research note on Thursday, August 8th. Finally, JMP Securities restated a market perform rating on shares of Heritage Insurance in a research note on Monday, April 15th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $10.67.

Heritage Insurance Trading Up 4.2 %

Shares of NYSE HRTG opened at $10.76 on Friday. The stock has a market capitalization of $329.64 million, a P/E ratio of 6.56 and a beta of 0.90. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.73 and a quick ratio of 0.73. The business’s 50 day moving average is $7.50 and its two-hundred day moving average is $8.06. Heritage Insurance has a 1-year low of $4.28 and a 1-year high of $11.48.

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

Insider Buying and Selling

In other news, CEO Ernie J. Garateix bought 5,000 shares of Heritage Insurance stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $8.59 per share, with a total value of $42,950.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,072,584 shares of the company’s stock, valued at $9,213,496.56. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 14.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in shares of Heritage Insurance by 13.0% in the fourth quarter. Victory Capital Management Inc. now owns 104,000 shares of the insurance provider’s stock valued at $678,000 after acquiring an additional 12,000 shares in the last quarter. Essex Investment Management Co. LLC grew its holdings in shares of Heritage Insurance by 11.2% during the fourth quarter. Essex Investment Management Co. LLC now owns 372,076 shares of the insurance provider’s stock worth $2,426,000 after purchasing an additional 37,581 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Heritage Insurance during the fourth quarter worth about $40,000. Assenagon Asset Management S.A. grew its holdings in shares of Heritage Insurance by 265.3% during the first quarter. Assenagon Asset Management S.A. now owns 314,856 shares of the insurance provider’s stock worth $3,353,000 after purchasing an additional 228,655 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Heritage Insurance by 8.1% during the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock worth $1,030,000 after purchasing an additional 7,203 shares during the last quarter. 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.