Heritage Insurance Holdings, Inc. (NYSE: HRTG) Expected to Report Quarterly Sales of $156.86 Million


Equity research analysts expect Heritage Insurance Holdings, Inc. (NYSE: HRTG – Get Rating) to report revenue of $156.86 million for the current quarter, Zacks reports. Two analysts released earnings estimates for Heritage Insurance. The highest sales estimate is $162.74 million and the lowest is $150.97 million. Heritage Insurance reported sales of $150.20 million in the same quarter last year, suggesting a positive year-over-year growth rate of 4.4%. The company is due to announce its next quarterly results on Monday, January 1.

On average, analysts expect Heritage Insurance to report sales of $649.70 million for the current year, with estimates ranging from $627.88 million to $671.52 million. For the next fiscal year, analysts expect the company to post sales of $701.39 million, with estimates ranging from $691.50 million to $711.27 million. Zacks sales averages are an average based on a survey of sell-side research companies that track Heritage Insurance.

Heritage Insurance (NYSE:HRTG – Get Rating) last released its results on Thursday, May 5. The insurance provider reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 per ($1.28). Heritage Insurance posted a negative return on equity of 10.19% and a negative net margin of 15.61%. During the same period last year, the company achieved EPS of ($0.19).

A number of equity research analysts have weighed in on HRTG shares. StockNews.com upgraded Heritage Insurance from a “hold” rating to a “buy” rating in a report released Wednesday. TheStreet upgraded Heritage Insurance from a “c-” rating to a “d+” rating in a research report on Tuesday May 3. Finally, Zacks Investment Research downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a Wednesday, May 4, research note. One equity research analyst gave the stock a hold rating and three gave the stock a buy rating. According to MarketBeat.com, the stock currently has a consensus buy rating and an average target price of $9.50.

Several hedge funds have recently increased or reduced their stakes in the company. Boston Partners increased its position in Heritage Insurance by 19.2% during the first quarter. Boston Partners now owns 376,164 shares of the insurance provider valued at $2,686,000 after buying an additional 60,697 shares last quarter. Herold Advisors Inc. acquired a new stake in Heritage Insurance during the first quarter worth approximately $43,000. Avantax Planning Partners Inc. increased its equity stake in Heritage Insurance by 13.5% in the first quarter. Avantax Planning Partners Inc. now owns 100,707 shares of the insurance provider worth $719,000 after buying an additional 12,000 shares in the last quarter. Acuitas Investments LLC increased its equity stake in Heritage Insurance by 76.0% in the first quarter. Acuitas Investments LLC now owns 830,310 shares of the insurance provider worth $5,928,000 after buying an additional 358,603 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its equity stake in Heritage Insurance by 100.2% in the first quarter. Belpointe Asset Management LLC now owns 47,304 shares of the insurance provider worth $338,000 after purchasing an additional 23,681 shares in the last quarter. Hedge funds and other institutional investors own 59.33% of the company’s shares.

Shares of HRTG opened at $3.20 on Wednesday. The company’s 50-day moving average price is $6.00 and its 200-day moving average price is $6.15. Heritage Insurance has a 12 month minimum of $3.10 and a 12 month maximum of $9.23. The company has a market capitalization of $84.70 million, a price-earnings ratio of -0.87 and a beta of 0.80. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt ratio of 0.35.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 5. Investors of record on Tuesday, June 14 will receive a dividend of $0.06 per share. This represents a dividend of $0.24 on an annualized basis and a yield of 7.50%. The ex-dividend date is Monday, June 13. Heritage Insurance’s dividend payout ratio (DPR) is currently -6.54%.

Heritage Insurance Company Profile (Get a rating)

Heritage Insurance Holdings, Inc., through its subsidiaries, offers personal and commercial home insurance products. The company offers personal residential property insurance for single family homeowners and condominium owners, as well as rental property insurance in the states of 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 residential property and personal wind insurance.

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Earnings history and estimates for Heritage Insurance (NYSE:HRTG)



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