Todays Report: The Heritage Insurance Holdings Inc. (HRTG) Given Average Recommendation of “Buy” by Brokerages

The Heritage Insurance Holdings Inc. (HRTG) Given Average Recommendation of “Buy” by Brokerages

Heritage Insurance Holdings Inc. (NYSE:HRTG) has been assigned a consensus rating of “Buy” from the six ratings firms that are covering the company. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $16.33.

A number of research firms have commented on HRTG. Citigroup Inc. dropped their price target on shares of Heritage Insurance Holdings from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday. Zacks Investment Research raised shares of Heritage Insurance Holdings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Sandler O’Neill raised shares of Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Friday, September 23rd. Finally, Keefe, Bruyette & Woods set a $17.00 price objective on shares of Heritage Insurance Holdings and gave the stock a “buy” rating in a research note on Tuesday, August 9th.

Heritage Insurance Holdings (NYSE:HRTG) traded up 4.92% during trading on Wednesday, reaching $12.80. 174,932 shares of the company’s stock were exchanged. The stock has a market capitalization of $380.16 million, a price-to-earnings ratio of 6.17 and a beta of 0.99. The company’s 50 day moving average price is $13.75 and its 200-day moving average price is $13.31. Heritage Insurance Holdings has a 52 week low of $11.50 and a 52 week high of $24.98.

Heritage Insurance Holdings (NYSE:HRTG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. Heritage Insurance Holdings had a net margin of 15.06% and a return on equity of 17.73%. The company had revenue of $115.28 million for the quarter, compared to the consensus estimate of $113.73 million. During the same period in the previous year, the firm earned $0.84 EPS. Heritage Insurance Holdings’s revenue was up 16.4% on a year-over-year basis. On average, equities analysts expect that Heritage Insurance Holdings will post $1.74 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend was Tuesday, September 13th. Heritage Insurance Holdings’s dividend payout ratio (DPR) is currently 11.59%.

In related news, Director James Masiello purchased 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The stock was acquired at an average cost of $12.96 per share, for a total transaction of $259,200.00. Following the completion of the acquisition, the director now owns 229,795 shares in the company, valued at approximately $2,978,143.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Vijay Walvekar sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $13.90, for a total transaction of $69,500.00. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Cutler Group LP bought a new stake in Heritage Insurance Holdings during the third quarter valued at approximately $146,000. Northwestern Mutual Wealth Management Co. bought a new stake in Heritage Insurance Holdings during the second quarter valued at approximately $279,000. Royal Bank of Canada boosted its stake in Heritage Insurance Holdings by 0.5% in the second quarter. Royal Bank of Canada now owns 41,770 shares of the company’s stock valued at $500,000 after buying an additional 198 shares in the last quarter. Highbridge Capital Management LLC bought a new stake in Heritage Insurance Holdings during the second quarter valued at approximately $730,000. Finally, AQR Capital Management LLC boosted its stake in Heritage Insurance Holdings by 24.2% in the second quarter. AQR Capital Management LLC now owns 402,911 shares of the company’s stock valued at $4,823,000 after buying an additional 78,612 shares in the last quarter. Institutional investors and hedge funds own 54.81% of the company’s stock.

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