Heritage Insurance (NYSE:HRTG) Announces Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Heritage Insurance (NYSE:HRTG) posted its quarterly earnings results on Wednesday. The insurance provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.14), Zacks reports. Heritage Insurance had a return on equity of 26.69% and a net margin of 6.16%. The company had revenue of $191.30 million for the quarter, compared to the consensus estimate of $189.05 million. During the same quarter in the previous year, the business earned $0.55 earnings per share.

Heritage Insurance Stock Down 22.5 %

Shares of HRTG traded down $2.32 on Thursday, reaching $7.97. The stock had a trading volume of 1,955,721 shares, compared to its average volume of 411,230. The firm has a market capitalization of $244.20 million, a price-to-earnings ratio of 4.63 and a beta of 0.91. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.77 and a current ratio of 0.77. The company has a 50-day simple moving average of $9.15 and a 200-day simple moving average of $7.57. Heritage Insurance has a 12-month low of $3.20 and a 12-month high of $11.23.

Insider Activity

In other news, Director Paul L. Whiting bought 20,000 shares of the stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $8.14 per share, for a total transaction of $162,800.00. Following the purchase, the director now directly owns 20,000 shares in the company, valued at approximately $162,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 3,800 shares of company stock worth $28,943 in the last quarter. 11.90% of the stock is owned by company insiders.

Analyst Ratings Changes

HRTG has been the subject of several research analyst reports. StockNews.com upgraded Heritage Insurance from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Truist Financial increased their price objective on Heritage Insurance from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Piper Sandler reiterated a “neutral” rating and issued a $9.00 price objective on shares of Heritage Insurance in a report on Monday, April 1st. Finally, JMP Securities reiterated a “market perform” rating on shares of Heritage Insurance in a report on Monday, April 15th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.