Heritage Insurance (HRTG) Raised to “Outperform” at JMP Securities

JMP Securities upgraded shares of Heritage Insurance (NYSE:HRTG) from a market perform rating to an outperform rating in a research note released on Tuesday morning, The Fly reports. The brokerage currently has $19.00 price target on the insurance provider’s stock.

Several other research analysts have also recently weighed in on the company. Zacks Investment Research cut Heritage Insurance from a hold rating to a sell rating in a research note on Saturday, February 23rd. ValuEngine lowered Heritage Insurance from a hold rating to a sell rating in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Heritage Insurance has an average rating of Hold and an average target price of $17.63.

NYSE:HRTG opened at $15.39 on Tuesday. Heritage Insurance has a 1 year low of $12.85 and a 1 year high of $17.99. The firm has a market capitalization of $443.29 million, a PE ratio of 11.15 and a beta of 0.96. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.30.



Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Friday, March 1st. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.20. Heritage Insurance had a return on equity of 6.70% and a net margin of 3.97%. The company had revenue of $124.88 million during the quarter, compared to analysts’ expectations of $125.97 million. As a group, sell-side analysts predict that Heritage Insurance will post 1.37 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 3rd. Investors of record on Friday, June 14th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.56%. Heritage Insurance’s dividend payout ratio (DPR) is 17.39%.

In other Heritage Insurance news, CFO Kirk Lusk acquired 5,000 shares of Heritage Insurance stock in a transaction that occurred on Thursday, May 9th. The stock was purchased at an average cost of $14.33 per share, with a total value of $71,650.00. Following the purchase, the chief financial officer now owns 128,331 shares in the company, valued at $1,838,983.23. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Bruce Lucas acquired 1,806 shares of Heritage Insurance stock in a transaction that occurred on Friday, March 8th. The stock was acquired at an average cost of $13.92 per share, with a total value of $25,139.52. Following the completion of the purchase, the chief executive officer now owns 946,859 shares in the company, valued at approximately $13,180,277.28. The disclosure for this purchase can be found here. Insiders purchased a total of 7,915 shares of company stock valued at $112,349 in the last quarter. 12.00% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in Heritage Insurance by 1.6% in the 4th quarter. BlackRock Inc. now owns 1,569,009 shares of the insurance provider’s stock worth $23,096,000 after acquiring an additional 25,036 shares in the last quarter. LSV Asset Management lifted its stake in Heritage Insurance by 2.4% in the 1st quarter. LSV Asset Management now owns 1,220,250 shares of the insurance provider’s stock worth $17,815,000 after acquiring an additional 28,514 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Heritage Insurance by 13.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,096,026 shares of the insurance provider’s stock worth $16,002,000 after acquiring an additional 133,359 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Heritage Insurance by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 934,894 shares of the insurance provider’s stock worth $13,855,000 after acquiring an additional 9,982 shares in the last quarter. Finally, Phocas Financial Corp. lifted its stake in Heritage Insurance by 37.4% in the 4th quarter. Phocas Financial Corp. now owns 883,781 shares of the insurance provider’s stock worth $13,009,000 after acquiring an additional 240,608 shares in the last quarter. 64.31% of the stock is owned by hedge funds and other institutional investors.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners; rental property insurance; and commercial residential insurance in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina, as well as residential wind-only property insurance.

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