Citigroup Cuts Heritage Insurance (HRTG) Price Target to $20.00

Heritage Insurance (NYSE:HRTG) had its price target decreased by Citigroup from $21.00 to $20.00 in a report issued on Tuesday, April 10th. Citigroup currently has a buy rating on the insurance provider’s stock.

HRTG has been the subject of several other research reports. Zacks Investment Research lowered shares of Heritage Insurance from a strong-buy rating to a hold rating in a research note on Wednesday, April 4th. Keefe, Bruyette & Woods set a $22.00 price target on shares of Heritage Insurance and gave the company a buy rating in a report on Friday, March 9th. ValuEngine raised shares of Heritage Insurance from a hold rating to a buy rating in a report on Friday, March 9th. SunTrust Banks upped their price objective on shares of Heritage Insurance to $26.00 and gave the stock a buy rating in a report on Friday, March 9th. Finally, JMP Securities downgraded shares of Heritage Insurance from an outperform rating to a market perform rating and set a $16.00 price objective for the company. in a report on Monday, January 22nd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and an average price target of $20.80.

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HRTG opened at $16.20 on Tuesday. The company has a market capitalization of $430.27, a P/E ratio of 12.18 and a beta of 1.32. Heritage Insurance has a 1 year low of $8.85 and a 1 year high of $19.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.76 and a current ratio of 0.76.



Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Wednesday, March 7th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.83. The company had revenue of $108.62 million for the quarter, compared to analyst estimates of $101.35 million. Heritage Insurance had a negative net margin of 0.28% and a positive return on equity of 9.72%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) earnings per share. equities research analysts anticipate that Heritage Insurance will post 2.6 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 3rd. Shareholders of record on Thursday, March 15th were issued a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 1.48%. Heritage Insurance’s payout ratio is presently 15.69%.

In other Heritage Insurance news, CEO Bruce Lucas bought 6,200 shares of the company’s stock in a transaction dated Friday, March 23rd. The shares were bought at an average price of $16.06 per share, for a total transaction of $99,572.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 17.90% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in HRTG. First Trust Advisors LP bought a new stake in Heritage Insurance during the third quarter worth approximately $267,000. New York State Common Retirement Fund boosted its position in shares of Heritage Insurance by 93.1% in the third quarter. New York State Common Retirement Fund now owns 56,966 shares of the insurance provider’s stock valued at $753,000 after acquiring an additional 27,466 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Heritage Insurance by 262.8% in the third quarter. JPMorgan Chase & Co. now owns 679,600 shares of the insurance provider’s stock valued at $8,944,000 after acquiring an additional 492,300 shares during the period. Wells Fargo & Company MN boosted its position in shares of Heritage Insurance by 2.9% in the third quarter. Wells Fargo & Company MN now owns 451,507 shares of the insurance provider’s stock valued at $5,965,000 after acquiring an additional 12,651 shares during the period. Finally, Stifel Financial Corp boosted its position in shares of Heritage Insurance by 40.7% in the third quarter. Stifel Financial Corp now owns 82,115 shares of the insurance provider’s stock valued at $1,083,000 after acquiring an additional 23,765 shares during the period. 82.85% of the stock is owned by hedge funds and other institutional investors.

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Heritage Insurance 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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