Heritage Insurance Holdings Inc. (NYSE:HRTG) issued its earnings results on Tuesday. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by $0.01. Heritage Insurance Holdings had a return on equity of 17.73% and a net margin of 15.06%. The firm earned $109.30 million during the quarter, compared to analyst estimates of $109.44 million. During the same period in the previous year, the company earned $0.55 EPS. Heritage Insurance Holdings’s revenue for the quarter was up 22.5% on a year-over-year basis.
Shares of Heritage Insurance Holdings (NYSE:HRTG) opened at 12.94 on Thursday. Heritage Insurance Holdings has a 52 week low of $11.25 and a 52 week high of $23.95. The firm has a market cap of $384.32 million, a PE ratio of 6.24 and a beta of 1.13. The stock has a 50 day moving average price of $12.76 and a 200 day moving average price of $12.95.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 4th. Stockholders of record on Thursday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 annualized dividend and a dividend yield of 1.85%. Heritage Insurance Holdings’s payout ratio is 11.59%.
In related news, Director Vijay Walvekar sold 5,000 shares of Heritage Insurance Holdings stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $13.90, for a total transaction of $69,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Masiello acquired 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were acquired at an average cost of $12.96 per share, with a total value of $259,200.00. Following the purchase, the director now directly owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The disclosure for this purchase can be found here. Corporate insiders own 15.10% of the company’s stock.
A number of large investors have recently bought and sold shares of HRTG. Societe Generale acquired a new stake in Heritage Insurance Holdings during the second quarter valued at about $1,410,000. DUPONT CAPITAL MANAGEMENT Corp raised its stake in Heritage Insurance Holdings by 38.2% in the second quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 110,769 shares of the company’s stock valued at $1,326,000 after buying an additional 30,629 shares in the last quarter. California State Teachers Retirement System raised its stake in Heritage Insurance Holdings by 6.6% in the second quarter. California State Teachers Retirement System now owns 55,748 shares of the company’s stock valued at $667,000 after buying an additional 3,458 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Heritage Insurance Holdings by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 119,831 shares of the company’s stock valued at $1,434,000 after buying an additional 431 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Heritage Insurance Holdings during the second quarter valued at about $130,000. 54.95% of the stock is owned by institutional investors.
A number of brokerages have issued reports on HRTG. Sandler O’Neill raised Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, September 23rd. Zacks Investment Research raised Heritage Insurance Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 5th. Keefe, Bruyette & Woods set a $17.00 target price on Heritage Insurance Holdings and gave the stock a “buy” rating in a report on Tuesday, August 9th. Finally, Citigroup Inc. decreased their price target on Heritage Insurance Holdings from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 11th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.00.
About Heritage Insurance Holdings
Heritage Insurance Holdings, Inc is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company, 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.