Citigroup Trims Heritage Insurance (HRTG) Target Price to $20.00

Heritage Insurance (NYSE:HRTG) had its target price trimmed by Citigroup from $21.00 to $20.00 in a research report sent to investors on Tuesday, April 10th. The brokerage currently has a buy rating on the insurance provider’s stock.

A number of other research analysts have also weighed in on HRTG. SunTrust Banks raised their target price on shares of Heritage Insurance to $26.00 and gave the company a buy rating in a report on Friday, March 9th. JMP Securities downgraded Heritage Insurance from an outperform rating to a market perform rating and set a $16.00 target price for the company. in a research report on Monday, January 22nd. Keefe, Bruyette & Woods restated a buy rating and issued a $21.00 price objective on shares of Heritage Insurance in a report on Friday, December 22nd. Zacks Investment Research upgraded Heritage Insurance from a hold rating to a strong-buy rating and set a $20.00 price objective for the company in a report on Thursday, March 8th. Finally, ValuEngine upgraded Heritage Insurance from a hold rating to a buy rating in a research note on Friday, March 9th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $20.80.

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HRTG opened at $16.18 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.49. The stock has a market cap of $430.27, a price-to-earnings ratio of 12.18 and a beta of 1.32. Heritage Insurance has a 52-week low of $8.85 and a 52-week high of $19.15.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Wednesday, March 7th. The insurance provider reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ 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 9.72%. The firm had revenue of $108.62 million for the quarter, compared to analysts’ expectations of $101.35 million. During the same quarter in the prior year, the business earned ($0.09) EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. analysts expect that Heritage Insurance will post 2.6 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 3rd. Shareholders of record on Thursday, March 15th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Wednesday, March 14th. Heritage Insurance’s payout ratio is presently 15.69%.

In other Heritage Insurance news, CEO Bruce Lucas bought 6,200 shares of Heritage Insurance stock in a transaction dated Friday, March 23rd. The stock was acquired at an average cost of $16.06 per share, with a total value of $99,572.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 16.10% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Northpointe Capital LLC acquired a new stake in Heritage Insurance in the 4th quarter valued at about $13,251,000. JPMorgan Chase & Co. raised its position in shares of Heritage Insurance by 262.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 679,600 shares of the insurance provider’s stock worth $8,944,000 after acquiring an additional 492,300 shares in the last quarter. Foundry Partners LLC acquired a new stake in shares of Heritage Insurance during the 4th quarter worth about $5,364,000. Royce & Associates LP raised its position in shares of Heritage Insurance by 32.3% during the 4th quarter. Royce & Associates LP now owns 659,200 shares of the insurance provider’s stock worth $11,879,000 after acquiring an additional 161,000 shares in the last quarter. Finally, Gillson Capital LP raised its position in shares of Heritage Insurance by 234.5% during the 4th quarter. Gillson Capital LP now owns 209,679 shares of the insurance provider’s stock worth $3,778,000 after acquiring an additional 146,993 shares in the last quarter. Hedge funds and other institutional investors own 82.85% of the company’s stock.

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Heritage Insurance Company Profile

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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