Zacks Investment Research Lowers Heritage Insurance (NYSE:HRTG) to Hold

Zacks Investment Research downgraded shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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 analysts also recently weighed in on the stock. JMP Securities raised shares of Heritage Insurance from a market perform rating to an outperform rating and set a $19.00 target price for the company in a research report on Tuesday, May 14th. ValuEngine downgraded shares of Viewray from a buy rating to a hold rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $17.88.



HRTG opened at $16.04 on Wednesday. Heritage Insurance has a fifty-two week low of $12.85 and a fifty-two week high of $17.90. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $15.39. The firm has a market cap of $482.61 million, a price-to-earnings ratio of 15.77 and a beta of 0.78.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Monday, May 6th. The insurance provider reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.16. Heritage Insurance had a net margin of 3.97% and a return on equity of 6.70%. The business had revenue of $118.26 million during the quarter, compared to the consensus estimate of $117.24 million. Sell-side analysts predict that Heritage Insurance will post 1.37 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 3rd. Investors of record on Friday, June 14th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.50%. The ex-dividend date was Thursday, June 13th. Heritage Insurance’s dividend payout ratio (DPR) is presently 17.39%.

In other Heritage Insurance news, CFO Kirk Lusk acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was bought at an average cost of $14.33 per share, with a total value of $71,650.00. Following the acquisition, the chief financial officer now owns 128,331 shares in the company, valued at $1,838,983.23. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRTG. Phocas Financial Corp. boosted its holdings 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 buying an additional 240,608 shares during the period. Pacific Ridge Capital Partners LLC lifted its stake in Heritage Insurance by 15.2% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 427,846 shares of the insurance provider’s stock worth $6,247,000 after purchasing an additional 56,410 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Heritage Insurance by 4.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 962,667 shares of the insurance provider’s stock worth $14,170,000 after purchasing an additional 43,451 shares in the last quarter. IndexIQ Advisors LLC purchased a new stake in Heritage Insurance in the 1st quarter worth approximately $604,000. Finally, Mackay Shields LLC purchased a new stake in Heritage Insurance in the 4th quarter worth approximately $518,000. 64.28% of the stock is 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 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.

Read More: Arbitrage

Get a free copy of the Zacks research report on Heritage Insurance (HRTG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Heritage Insurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Heritage Insurance and related companies with MarketBeat.com's FREE daily email newsletter.