Heritage Insurance (NYSE: HRTG) cut to fit at StockNews.com


Wealth Insurance (NYSE: HRTG – Get an Appraisal) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report released Thursday.

Other stock analysts have also recently published research reports on the company. TheStreet upgraded Heritage Insurance from a ‘c-‘ rating to a ‘d+’ rating in a Tuesday, May 3 report. Zacks Investment Research upgraded Heritage Insurance from a “buy” rating to a “hold” rating in a Wednesday, May 4 report. Two analysts gave the stock a hold rating and two gave the stock a buy rating. According to data from MarketBeat, Heritage Insurance currently has a consensus rating of “Buy” and an average price target of $9.50.

NYSE HRTG opened at $3.34 on Thursday. The stock has a market capitalization of $88.41 million, a PE ratio of -0.91 and a beta of 0.80. Heritage Insurance has a fifty-two week minimum of $2.85 and a fifty-two week maximum of $9.20. The company has a 50-day moving average price of $5.68 and a two-hundred-day moving average price of $6.02. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt ratio of 0.44.

Heritage Insurance (NYSE:HRTG – Get Rating) last released quarterly results on Thursday, May 5. The insurance provider reported ($1.15) earnings per share for the quarter, missing analyst consensus estimates of $0.13 per ($1.28). Heritage Insurance had a negative return on equity of 10.95% and a negative net margin of 15.61%. In the same period a year earlier, the company posted ($0.19) earnings per share. Sell-side analysts expect Heritage Insurance to post -1.35 EPS for the current year.

Institutional investors have recently increased or reduced their stake in the company. Marshall Wace LLP acquired a new stake in the shares of Heritage Insurance during Q1 worth approximately $389,000. Morgan Stanley increased its position in Heritage Insurance shares by 572.2% during the second quarter. Morgan Stanley now owns 71,528 shares of the insurance provider valued at $614,000 after acquiring an additional 60,887 shares last quarter. Millennium Management LLC increased its position in Heritage Insurance shares by 31.5% during the second quarter. Millennium Management LLC now owns 18,655 shares of the insurance provider valued at $160,000 after acquiring an additional 4,474 shares last quarter. SG Americas Securities LLC acquired a new stake in the shares of Heritage Insurance during Q3 valued at approximately $137,000. Finally, BlackRock Inc. raised its position in Heritage Insurance shares by 0.3% during the third quarter. BlackRock Inc. now owns 2,566,357 shares of the insurance provider valued at $17,478,000 after acquiring an additional 7,212 shares last quarter. Institutional investors hold 59.33% of the company’s shares.

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 condo 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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About Bobby F. Lopez

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