Heritage Insurance (HRTG) Price Target Cut to $16.50

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Heritage Insurance (NYSE:HRTG) had its target price lowered by Citigroup from $17.00 to $16.50 in a research note published on Friday morning. The firm currently has a buy rating on the insurance provider’s stock.

Other equities research analysts also recently issued reports about the stock. Sandler O’Neill reiterated a buy rating and set a $19.00 price objective on shares of Heritage Insurance in a research note on Friday, August 3rd. Zacks Investment Research upgraded shares of Heritage Insurance from a strong sell rating to a hold rating in a research note on Wednesday, October 3rd. Finally, ValuEngine downgraded shares of Heritage Insurance from a hold rating to a sell rating in a research note on Wednesday, October 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $19.92.

Heritage Insurance stock traded down $0.42 during trading hours on Friday, reaching $13.25. 304,220 shares of the stock were exchanged, compared to its average volume of 196,162. The company has a market capitalization of $393.76 million, a price-to-earnings ratio of 8.66 and a beta of 1.21. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.46. Heritage Insurance has a twelve month low of $12.85 and a twelve month high of $19.15.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Thursday, August 2nd. The insurance provider reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.55). The firm had revenue of $117.97 million for the quarter, compared to analyst estimates of $114.94 million. Heritage Insurance had a return on equity of 10.66% and a net margin of 0.79%. On average, sell-side analysts expect that Heritage Insurance will post 1.5 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 3rd. Stockholders of record on Saturday, September 15th were paid a $0.06 dividend. The ex-dividend date was Thursday, September 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.81%. Heritage Insurance’s payout ratio is currently 15.69%.

In related news, Director Steven C. Martindale purchased 2,039 shares of Heritage Insurance stock in a transaction dated Tuesday, August 7th. The shares were bought at an average cost of $15.08 per share, for a total transaction of $30,748.12. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Bruce Lucas purchased 7,000 shares of Heritage Insurance stock in a transaction dated Thursday, August 9th. The stock was bought at an average price of $14.46 per share, for a total transaction of $101,220.00. Following the completion of the purchase, the chief executive officer now owns 991,873 shares in the company, valued at approximately $14,342,483.58. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 23,539 shares of company stock worth $343,123. 25.30% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Phocas Financial Corp. boosted its stake in shares of Heritage Insurance by 39.1% in the 2nd quarter. Phocas Financial Corp. now owns 655,167 shares of the insurance provider’s stock valued at $10,922,000 after purchasing an additional 184,161 shares in the last quarter. Citadel Advisors LLC raised its holdings in Heritage Insurance by 141.6% in the 2nd quarter. Citadel Advisors LLC now owns 83,031 shares of the insurance provider’s stock valued at $1,384,000 after buying an additional 48,665 shares during the last quarter. Chicago Equity Partners LLC raised its holdings in Heritage Insurance by 29.8% in the 2nd quarter. Chicago Equity Partners LLC now owns 71,005 shares of the insurance provider’s stock valued at $1,184,000 after buying an additional 16,285 shares during the last quarter. Cadence Capital Management LLC raised its holdings in Heritage Insurance by 33.9% in the 2nd quarter. Cadence Capital Management LLC now owns 157,406 shares of the insurance provider’s stock valued at $2,624,000 after buying an additional 39,886 shares during the last quarter. Finally, Sun Life Financial INC bought a new position in Heritage Insurance in the 2nd quarter valued at approximately $178,000. Institutional investors own 77.16% of the company’s stock.

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, as well as residential wind-only property insurance in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina.

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Analyst Recommendations for Heritage Insurance (NYSE:HRTG)

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