Citigroup Inc. Raises Heritage Insurance Holdings, Inc. (HRTG) Price Target to $19.00

Heritage Insurance Holdings, Inc. (NYSE:HRTG) had its price target upped by equities researchers at Citigroup Inc. from $18.00 to $19.00 in a note issued to investors on Friday. The firm presently has a “buy” rating on the insurance provider’s stock. Citigroup Inc.’s target price would indicate a potential upside of 14.94% from the stock’s current price.

A number of other equities analysts also recently issued reports on HRTG. TheStreet downgraded Heritage Insurance Holdings from a “b-” rating to a “c” rating in a research report on Friday, August 4th. BidaskClub raised Heritage Insurance Holdings from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 9th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $17.00 price target on shares of Heritage Insurance Holdings in a research report on Thursday, September 21st. Finally, SunTrust Banks, Inc. reissued a “buy” rating and set a $18.00 price target on shares of Heritage Insurance Holdings in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $18.00.

Shares of Heritage Insurance Holdings (NYSE HRTG) traded up $0.93 during trading on Friday, reaching $16.53. The company’s stock had a trading volume of 446,448 shares, compared to its average volume of 467,959. The company has a market capitalization of $401.38 million, a P/E ratio of 1,645.00 and a beta of 1.44.

Heritage Insurance Holdings (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, November 1st. The insurance provider reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.23). Heritage Insurance Holdings had a return on equity of 0.30% and a net margin of 0.27%. The firm had revenue of $101.77 million for the quarter, compared to the consensus estimate of $99.01 million. During the same period in the previous year, the company posted $0.37 EPS. Heritage Insurance Holdings’s quarterly revenue was down 6.9% compared to the same quarter last year. research analysts predict that Heritage Insurance Holdings will post 0.69 EPS for the current year.

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In related news, President Richard A. Widdicombe acquired 16,500 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was purchased at an average cost of $11.32 per share, for a total transaction of $186,780.00. Following the purchase, the president now directly owns 775,612 shares of the company’s stock, valued at approximately $8,779,927.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Richard A. Widdicombe acquired 25,800 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $11.53 per share, with a total value of $297,474.00. Following the completion of the purchase, the president now directly owns 759,112 shares in the company, valued at $8,752,561.36. The disclosure for this purchase can be found here. Insiders have bought a total of 91,350 shares of company stock worth $1,051,923 in the last three months. Corporate insiders own 16.10% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royce & Associates LP lifted its stake in shares of Heritage Insurance Holdings by 2.8% during the 2nd quarter. Royce & Associates LP now owns 630,700 shares of the insurance provider’s stock worth $8,212,000 after purchasing an additional 17,200 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Heritage Insurance Holdings by 3.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 863,752 shares of the insurance provider’s stock worth $11,247,000 after purchasing an additional 29,740 shares during the last quarter. Kennedy Capital Management Inc. lifted its stake in shares of Heritage Insurance Holdings by 2,090.2% during the 2nd quarter. Kennedy Capital Management Inc. now owns 392,052 shares of the insurance provider’s stock worth $5,105,000 after purchasing an additional 374,152 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Heritage Insurance Holdings by 36.9% during the 1st quarter. Alliancebernstein L.P. now owns 213,560 shares of the insurance provider’s stock worth $2,727,000 after purchasing an additional 57,580 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Heritage Insurance Holdings by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 194,527 shares of the insurance provider’s stock worth $2,484,000 after purchasing an additional 15,789 shares during the last quarter. Hedge funds and other institutional investors own 60.72% 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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