Heritage Insurance (NYSE:HRTG) downgraded by StockNews.com to “Hold”


StockNews.com cut shares by Wealth Insurance (NYSE: HRTG – Get an Appraisal) from a buy rating to a hold rating in a report released Tuesday morning.

Separately, Zacks Investment Research upgraded Heritage Insurance from a hold rating to a buy rating and set a price target of $7.00 on the stock in a Friday, March 11 research note.

HRTG stock opened at $3.93 on Tuesday. The company’s 50-day moving average is $6.19 and its 200-day moving average is $6.26. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt ratio of 0.35. The company has a market capitalization of $105.38 million, a P/E ratio of -1.45 and a beta of 0.80. Heritage Insurance has a 12-month low of $3.84 and a 12-month high of $9.41.

Heritage Insurance (NYSE:HRTG – Get Rating) last released quarterly results on Monday, March 7. The insurance provider reported earnings per share of $0.41 for the quarter, beating the Zacks consensus estimate of $0.18 by $0.23. The company posted revenue of $166.71 million for the quarter, versus a consensus estimate of $163.83 million. Heritage Insurance posted a negative return on equity of 3.56% and a negative net margin of 11.83%. In the same quarter a year earlier, the company posted EPS of $0.10. Research analysts expect Heritage Insurance to post 0.5 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 6. Investors of record on Thursday, March 17 received a dividend of $0.06. This represents a dividend of $0.24 on an annualized basis and a dividend yield of 6.11%. The ex-dividend date was Wednesday, March 16. Heritage Insurance’s dividend payout rate is currently -8.86%.

Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in the shares of Heritage Insurance in the 3rd quarter at a value of $137,000. Two Sigma Investments LP increased its position in Heritage Insurance shares by 3.0% in the third quarter. Two Sigma Investments LP now owns 207,809 shares of the insurance provider valued at $1,415,000 after buying an additional 5,955 shares last quarter. Jump Financial LLC bought a new stake in the stock of Heritage Insurance in Q3 for $70,000. Arrowstreet Capital Limited Partnership increased its position in Heritage Insurance shares by 16.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 77,820 shares of the insurance provider valued at $530,000 after buying an additional 11,261 shares last quarter. Finally, BlackRock Inc. increased its position in Heritage Insurance shares by 0.3% in the third quarter. BlackRock Inc. now owns 2,566,357 shares of the insurance provider valued at $17,478,000 after buying an additional 7,212 shares last quarter. Institutional investors and hedge funds hold 59.33% of the company’s shares.

About Legacy Insurance (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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