Heritage Insurance (NYSE:HRTG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday. The firm currently has a $20.00 target price on the insurance provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.96% from the company’s previous close.
According to Zacks, “Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. Through its subsidiary, Heritage Property & Casualty Insurance Company, the Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance Holdings, Inc. is based in Clearwater, Florida. “
A number of other research firms have also recently issued reports on HRTG. JMP Securities cut shares of Heritage Insurance from an “outperform” rating to a “market perform” rating and set a $16.00 price target for the company. in a report on Monday, January 22nd. Keefe, Bruyette & Woods restated a “buy” rating and set a $21.00 price target on shares of Heritage Insurance in a report on Friday, December 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.60.
Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Wednesday, March 7th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.83. Heritage Insurance had a negative net margin of 0.28% and a positive return on equity of 9.99%. The company had revenue of $108.62 million during the quarter, compared to analysts’ expectations of $101.35 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. equities research analysts predict that Heritage Insurance will post 2.6 EPS for the current fiscal year.
In related news, Director Nicholas George Pappas sold 2,850 shares of the stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $17.90, for a total value of $51,015.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.10% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in HRTG. California Public Employees Retirement System bought a new stake in shares of Heritage Insurance in the second quarter valued at about $251,000. Dimensional Fund Advisors LP lifted its stake in shares of Heritage Insurance 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 buying an additional 204,088 shares during the period. Voya Investment Management LLC lifted its stake in shares of Heritage Insurance by 16.9% in the second quarter. Voya Investment Management LLC now owns 15,066 shares of the insurance provider’s stock valued at $196,000 after buying an additional 2,181 shares during the period. State Street Corp lifted its stake in Heritage Insurance by 6.3% during the second quarter. State Street Corp now owns 484,242 shares of the insurance provider’s stock worth $6,304,000 after purchasing an additional 28,728 shares during the period. Finally, First Trust Advisors LP bought a new position in Heritage Insurance during the third quarter worth about $267,000. Institutional investors and hedge funds own 82.85% of the company’s stock.
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About Heritage Insurance
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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