Heritage Insurance (HRTG) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their buy rating on shares of Heritage Insurance (NYSE:HRTG) in a report released on Friday morning. The firm currently has a $21.00 price target on the insurance provider’s stock.

HRTG has been the subject of several other reports. BidaskClub upgraded shares of Heritage Insurance from a sell rating to a hold rating in a research note on Thursday, September 14th. SunTrust Banks restated a buy rating and set a $18.00 price objective on shares of Heritage Insurance in a research report on Wednesday, November 1st. TheStreet downgraded shares of Heritage Insurance from a b rating to a c+ rating in a research report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Heritage Insurance from a hold rating to a buy rating and set a $20.00 price objective for the company in a research report on Tuesday, November 28th. Finally, Citigroup raised their price objective on shares of Heritage Insurance from $17.00 to $18.00 and gave the stock a buy rating in a research report on Tuesday, October 17th. Five analysts have rated the stock with a buy rating, Heritage Insurance presently has a consensus rating of Buy and a consensus target price of $19.50.

Shares of Heritage Insurance (NYSE HRTG) opened at $16.81 on Friday. Heritage Insurance has a one year low of $8.85 and a one year high of $18.70. The stock has a market cap of $410.17, a PE ratio of 1,681.00 and a beta of 1.49. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.63.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Wednesday, November 1st. The insurance provider reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.23). Heritage Insurance had a net margin of 0.27% and a return on equity of 0.31%. The firm had revenue of $101.77 million during the quarter, compared to analyst estimates of $99.01 million. During the same quarter last year, the business posted $0.37 earnings per share. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. equities analysts predict that Heritage Insurance will post 0.73 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, November 17th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, November 16th. This represents a $0.24 annualized dividend and a yield of 1.43%. Heritage Insurance’s dividend payout ratio (DPR) is presently 2,400.00%.

A number of hedge funds have recently modified their holdings of HRTG. Sei Investments Co. lifted its position in Heritage Insurance by 10.8% during the second quarter. Sei Investments Co. now owns 52,531 shares of the insurance provider’s stock worth $684,000 after acquiring an additional 5,111 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Heritage Insurance by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 197,271 shares of the insurance provider’s stock worth $2,568,000 after purchasing an additional 2,744 shares during the period. Virginia Retirement Systems ET AL increased its holdings in shares of Heritage Insurance by 0.3% during the second quarter. Virginia Retirement Systems ET AL now owns 36,900 shares of the insurance provider’s stock worth $480,000 after purchasing an additional 100 shares during the period. Royce & Associates LP increased its holdings in shares of Heritage Insurance by 2.8% during the second 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 period. Finally, Prudential Financial Inc. increased its holdings in shares of Heritage Insurance by 57.1% during the second quarter. Prudential Financial Inc. now owns 120,420 shares of the insurance provider’s stock worth $1,568,000 after purchasing an additional 43,744 shares during the period. Hedge funds and other institutional investors own 81.30% of the company’s stock.

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About Heritage Insurance

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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