Heritage Insurance Holdings Inc (HRTG) Downgraded to “C” at TheStreet

Heritage Insurance Holdings Inc (NYSE:HRTG) was downgraded by research analysts at TheStreet from a “b-” rating to a “c” rating in a research report issued on Friday, August 4th.

HRTG has been the topic of a number of other reports. Zacks Investment Research upgraded Heritage Insurance Holdings from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $17.00 price target on shares of Heritage Insurance Holdings in a report on Friday, June 2nd. Finally, Citigroup Inc. reiterated a “buy” rating and set a $16.00 price target (down from $17.00) on shares of Heritage Insurance Holdings in a report on Friday, April 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $16.33.

Heritage Insurance Holdings (HRTG) opened at 11.85 on Friday. Heritage Insurance Holdings has a 52-week low of $11.19 and a 52-week high of $16.48. The stock’s 50 day moving average is $12.29 and its 200 day moving average is $12.91. The company has a market cap of $351.95 million, a price-to-earnings ratio of 16.71 and a beta of 1.29.

Heritage Insurance Holdings (NYSE:HRTG) last issued its quarterly earnings results on Tuesday, August 8th. The insurance provider reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. The business had revenue of $96.90 million for the quarter, compared to analyst estimates of $100.17 million. Heritage Insurance Holdings had a return on equity of 7.34% and a net margin of 6.85%. Heritage Insurance Holdings’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period last year, the company posted $0.62 earnings per share. Equities research analysts forecast that Heritage Insurance Holdings will post $1.15 earnings per share for the current year.

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In related news, CEO Bruce Lucas acquired 22,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $11.58 per share, for a total transaction of $254,760.00. Following the purchase, the chief executive officer now owns 869,595 shares in the company, valued at approximately $10,069,910.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Irini Barlas acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $11.61 per share, for a total transaction of $116,100.00. Following the completion of the purchase, the director now owns 14,200 shares in the company, valued at approximately $164,862. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 69,800 shares of company stock worth $808,534. Corporate insiders own 16.10% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. State Street Corp boosted its position in Heritage Insurance Holdings by 5.7% in the fourth quarter. State Street Corp now owns 438,072 shares of the insurance provider’s stock valued at $6,864,000 after buying an additional 23,727 shares during the last quarter. Hancock Holding Co. boosted its position in Heritage Insurance Holdings by 181.9% in the first quarter. Hancock Holding Co. now owns 29,480 shares of the insurance provider’s stock valued at $376,000 after buying an additional 19,023 shares during the last quarter. Lucus Advisors LLC acquired a new position in Heritage Insurance Holdings during the first quarter valued at approximately $411,000. Macquarie Group Ltd. boosted its position in Heritage Insurance Holdings by 166.9% in the fourth quarter. Macquarie Group Ltd. now owns 32,300 shares of the insurance provider’s stock valued at $506,000 after buying an additional 20,200 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in Heritage Insurance Holdings by 28.7% in the first quarter. Schroder Investment Management Group now owns 24,546 shares of the insurance provider’s stock valued at $312,000 after buying an additional 5,472 shares during the last quarter. Institutional investors and hedge funds own 57.60% of the company’s stock.

About Heritage Insurance Holdings

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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