Heritage Insurance (NYSE:HRTG) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Heritage Insurance (NYSE:HRTG) from a hold rating to a sell rating in a report released 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. “

A number of other brokerages have also recently commented on HRTG. 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 report on Tuesday, May 14th. ValuEngine upgraded shares of Heritage Insurance from a sell rating to a hold rating in a research report on Wednesday. Finally, Sandler O’Neill cut shares of Heritage Insurance from a buy rating to a hold rating and reduced their price target for the company from $18.00 to $17.00 in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $17.38.

Shares of HRTG stock traded up $0.53 during trading on Wednesday, hitting $13.91. The company had a trading volume of 225,265 shares, compared to its average volume of 160,493. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.30. The business’s 50-day simple moving average is $14.97. The firm has a market cap of $417.44 million, a PE ratio of 10.08 and a beta of 0.75. Heritage Insurance has a 52 week low of $12.85 and a 52 week high of $16.95.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Monday, May 6th. The insurance provider reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.16. The company had revenue of $118.26 million for the quarter, compared to analysts’ expectations of $117.24 million. Heritage Insurance had a net margin of 3.97% and a return on equity of 6.70%. On average, research analysts anticipate that Heritage Insurance will post 0.71 EPS for the current fiscal year.

In other Heritage Insurance news, CFO Kirk Lusk purchased 5,000 shares of Heritage Insurance stock in a transaction on 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 transaction, the chief financial officer now directly owns 128,331 shares of the company’s stock, valued at $1,838,983.23. The purchase was disclosed in a filing with the SEC, which is available at this link. 12.00% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in HRTG. Bessemer Group Inc. purchased a new stake in shares of Heritage Insurance during the second quarter valued at approximately $955,000. Pacific Ridge Capital Partners LLC boosted its stake in shares of Heritage Insurance by 15.2% during the first quarter. Pacific Ridge Capital Partners LLC now owns 427,846 shares of the insurance provider’s stock valued at $6,247,000 after purchasing an additional 56,410 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Heritage Insurance by 4.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 962,667 shares of the insurance provider’s stock valued at $14,170,000 after purchasing an additional 43,451 shares during the period. Chicago Equity Partners LLC purchased a new stake in shares of Heritage Insurance during the second quarter valued at approximately $668,000. Finally, IndexIQ Advisors LLC purchased a new stake in shares of Heritage Insurance during the first quarter valued at approximately $604,000. 64.45% of the stock is owned by hedge funds and other institutional investors.

About Heritage Insurance

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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