Heritage Insurance (NYSE:HRTG) Downgraded by StockNews.com to Hold

Heritage Insurance (NYSE:HRTG - Get Free Report) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Friday.

Several other brokerages also recently commented on HRTG. Piper Sandler raised shares of Heritage Insurance from a "neutral" rating to an "overweight" rating and upped their target price for the company from $9.00 to $13.00 in a research note on Friday, August 9th. Truist Financial upped their price objective on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, August 8th.

Heritage Insurance Trading Up 5.2 %

Shares of HRTG stock traded up $0.60 during trading hours on Friday, reaching $12.20. The company had a trading volume of 563,149 shares, compared to its average volume of 469,537. Heritage Insurance has a 1-year low of $5.51 and a 1-year high of $16.90. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $374.30 million, a price-to-earnings ratio of 6.26 and a beta of 0.98. The company has a 50 day moving average of $12.81 and a 200 day moving average of $10.35.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its 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 for the quarter, compared to analysts' expectations of $196.81 million. Heritage Insurance had a return on equity of 26.27% and a net margin of 7.37%. During the same quarter last year, the business earned $0.32 earnings per share. On average, equities research analysts anticipate that Heritage Insurance will post 0.87 EPS for the current year.

Insider Transactions at Heritage Insurance

In other news, Chairman Richard A. Widdicombe acquired 4,437 shares of Heritage Insurance stock in a transaction dated Friday, August 16th. The stock was bought at an average cost of $14.55 per share, with a total value of $64,558.35. Following the completion of the transaction, the chairman now directly owns 696,497 shares of the company's stock, valued at approximately $10,134,031.35. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Heritage Insurance

A number of institutional investors have recently added to or reduced their stakes in HRTG. American Century Companies Inc. grew its position in shares of Heritage Insurance by 63.3% in the 2nd quarter. American Century Companies Inc. now owns 432,732 shares of the insurance provider's stock valued at $3,064,000 after acquiring an additional 167,819 shares during the period. Dimensional Fund Advisors LP grew its holdings in Heritage Insurance by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,414,585 shares of the insurance provider's stock worth $10,016,000 after purchasing an additional 96,923 shares during the period. Renaissance Technologies LLC increased its position in Heritage Insurance by 45.7% during the second quarter. Renaissance Technologies LLC now owns 436,099 shares of the insurance provider's stock worth $3,088,000 after buying an additional 136,800 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Heritage Insurance by 263.3% in the second quarter. Bank of New York Mellon Corp now owns 87,814 shares of the insurance provider's stock valued at $622,000 after buying an additional 63,645 shares during the period. Finally, Susquehanna Fundamental Investments LLC boosted its stake in shares of Heritage Insurance by 413.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 74,772 shares of the insurance provider's stock worth $529,000 after acquiring an additional 60,207 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.

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