Zacks Investment Research Downgrades Heritage Insurance (NYSE:HRTG) to Hold

Zacks Investment Research cut shares of Heritage Insurance (NYSE:HRTG) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. Through its subsidiary, Heritage Property & Casualty Insurance Company, the Company provides personal residential insurance for single-family homeowners and condominium owners. Heritage Insurance Holdings, Inc. is based in Clearwater, Florida. “

HRTG has been the topic of a number of other reports. ValuEngine lowered shares of Viewray from a buy rating to a hold rating in a research note on Wednesday, April 24th. JMP Securities upgraded shares of Heritage Insurance from a market perform rating to an outperform rating and set a $19.00 price target on the stock in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $17.88.

NYSE HRTG opened at $16.04 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $482.61 million, a price-to-earnings ratio of 11.62 and a beta of 0.78. Heritage Insurance has a one year low of $12.85 and a one year high of $17.90. The company has a fifty day simple moving average of $15.39.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Monday, May 6th. The insurance provider reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.16. Heritage Insurance had a net margin of 3.97% and a return on equity of 6.70%. The company had revenue of $118.26 million for the quarter, compared to analyst estimates of $117.24 million. Research analysts anticipate that Heritage Insurance will post 1.37 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 3rd. Stockholders of record on Friday, June 14th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.50%. Heritage Insurance’s dividend payout ratio (DPR) is 17.39%.

In other news, CFO Kirk Lusk purchased 5,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were acquired at an average cost of $14.33 per share, for a total transaction of $71,650.00. Following the completion of the purchase, the chief financial officer now directly owns 128,331 shares in the company, valued at approximately $1,838,983.23. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 12.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in Heritage Insurance by 24.9% during the fourth quarter. Legal & General Group Plc now owns 3,908 shares of the insurance provider’s stock worth $57,000 after buying an additional 779 shares in the last quarter. Northern Trust Corp boosted its holdings in Heritage Insurance by 0.5% during the fourth quarter. Northern Trust Corp now owns 246,947 shares of the insurance provider’s stock worth $3,635,000 after buying an additional 1,345 shares in the last quarter. Kirr Marbach & Co. LLC IN boosted its holdings in Heritage Insurance by 0.7% during the first quarter. Kirr Marbach & Co. LLC IN now owns 253,267 shares of the insurance provider’s stock worth $3,698,000 after buying an additional 1,643 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Heritage Insurance during the fourth quarter worth about $36,000. Finally, United Services Automobile Association boosted its holdings in Heritage Insurance by 20.6% during the fourth quarter. United Services Automobile Association now owns 15,448 shares of the insurance provider’s stock worth $227,000 after buying an additional 2,634 shares in the last quarter. 64.28% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Insurance Company Profile

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

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