Heritage Insurance (NYSE:HRTG) Rating Increased to Strong-Buy at StockNews.com

Heritage Insurance (NYSE:HRTG - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday.

Heritage Insurance Stock Up 9.4 %

HRTG stock traded up $1.17 during mid-day trading on Monday, hitting $13.70. 370,413 shares of the company were exchanged, compared to its average volume of 394,926. The firm has a market cap of $420.49 million, a P/E ratio of 5.48 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. Heritage Insurance has a 1-year low of $6.14 and a 1-year high of $16.90. The firm's 50 day simple moving average is $11.56 and its 200 day simple moving average is $12.30.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The insurance provider reported $0.66 EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.83. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The company had revenue of $210.26 million during the quarter, compared to the consensus estimate of $199.87 million. On average, sell-side analysts predict that Heritage Insurance will post 1.86 EPS for the current fiscal year.

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Heritage Insurance declared that its Board of Directors has initiated a share buyback program on Monday, December 9th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy up to 2.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Heritage Insurance

Several institutional investors have recently made changes to their positions in the stock. New York State Common Retirement Fund increased its position in shares of Heritage Insurance by 222.2% in the fourth quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider's stock worth $35,000 after purchasing an additional 2,000 shares during the period. Triumph Capital Management acquired a new position in shares of Heritage Insurance in the 4th quarter valued at approximately $121,000. Cantor Fitzgerald L. P. acquired a new position in shares of Heritage Insurance in the 4th quarter valued at approximately $133,000. SG Americas Securities LLC bought a new stake in shares of Heritage Insurance during the 4th quarter worth approximately $134,000. Finally, Brandywine Global Investment Management LLC boosted its position in shares of Heritage Insurance by 21.7% during the 4th quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider's stock worth $150,000 after acquiring an additional 2,210 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors.

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.