TheStreet Downgrades Heritage Insurance Holdings Inc (NYSE:HRTG) to C

Heritage Insurance Holdings Inc (NYSE:HRTG) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c” rating in a report issued on Friday, August 4th.

A number of other brokerages have also recently weighed in on HRTG. Citigroup Inc. reissued a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of Heritage Insurance Holdings in a report on Friday, April 7th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $17.00 price objective on shares of Heritage Insurance Holdings in a report on Friday, June 2nd. Finally, Zacks Investment Research raised Heritage Insurance Holdings from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Heritage Insurance Holdings has a consensus rating of “Hold” and a consensus target price of $16.33.

Heritage Insurance Holdings (NYSE:HRTG) opened at 11.85 on Friday. The firm’s 50-day moving average price is $12.29 and its 200 day moving average price is $12.91. Heritage Insurance Holdings has a 52 week low of $11.19 and a 52 week high of $16.48. The firm has a market cap of $351.95 million, a P/E ratio of 16.71 and a beta of 1.29.

Heritage Insurance Holdings (NYSE:HRTG) last issued its quarterly earnings results on Tuesday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. The firm had revenue of $96.90 million during the quarter, compared to the consensus estimate of $100.17 million. Heritage Insurance Holdings had a return on equity of 7.34% and a net margin of 6.85%. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. Equities analysts forecast that Heritage Insurance Holdings will post $1.15 earnings per share for the current fiscal year.

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In related news, Director Irini Barlas purchased 10,000 shares of Heritage Insurance Holdings stock in a transaction on Friday, August 11th. The stock was acquired at an average price of $11.61 per share, for a total transaction of $116,100.00. Following the completion of the transaction, the director now directly owns 14,200 shares in the company, valued at approximately $164,862. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Richard A. Widdicombe purchased 25,800 shares of Heritage Insurance Holdings stock in a transaction on Friday, August 11th. The stock was bought at an average price of $11.53 per share, with a total value of $297,474.00. Following the transaction, the president now owns 759,112 shares of the company’s stock, valued at $8,752,561.36. The disclosure for this purchase can be found here. Insiders have purchased 69,800 shares of company stock worth $808,534 over the last 90 days. 16.10% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake in Heritage Insurance Holdings by 6.3% in the second quarter. State Street Corp now owns 484,242 shares of the insurance provider’s stock valued at $6,304,000 after buying an additional 28,728 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Heritage Insurance Holdings by 845.2% in the second quarter. Royal Bank of Canada now owns 282,917 shares of the insurance provider’s stock valued at $3,683,000 after buying an additional 252,986 shares during the last quarter. Balyasny Asset Management LLC increased its stake in shares of Heritage Insurance Holdings by 18.0% in the second quarter. Balyasny Asset Management LLC now owns 14,082 shares of the insurance provider’s stock valued at $183,000 after buying an additional 2,148 shares during the last quarter. Stifel Financial Corp purchased a new position in Heritage Insurance Holdings during the second quarter valued at approximately $772,000. Finally, Voya Investment Management LLC increased its position in shares of Heritage Insurance Holdings by 16.9% in the second quarter. Voya Investment Management LLC now owns 15,066 shares of the insurance provider’s stock worth $196,000 after buying an additional 2,181 shares in the last quarter. 57.60% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Holdings Company Profile

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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