Heritage Insurance (NYSE:HRTG) downgraded by TheStreet


Wealth Insurance (NYSE: HRTG – Get an Appraisal) was downgraded by equity researchers at TheStreet from a “c-” rating to a “d+” rating in a report released on Tuesday, reports TheStreetRatingsTable.

HRTG has been the subject of a number of other reports. StockNews.com downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a research note on Tuesday. On Wednesday, Zacks Investment Research downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a research rating. Two analysts rated the stock with a hold rating and two gave the company’s stock a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $9.50.

Heritage Insurance shares opened at $4.11 on Tuesday. The company’s 50-day simple moving average is $6.17 and its 200-day simple moving average is $6.24. Heritage Insurance has a 52-week minimum of $3.80 and a 52-week maximum of $9.41. The company has a market capitalization of $108.79 million, a PE ratio of -1.52 and a beta of 0.80. The company has a debt ratio of 0.35, a quick ratio of 0.68 and a current ratio of 0.68.

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 in 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%. During the same period last year, the company earned earnings per share of $0.10. As a group, equity research analysts expect Heritage Insurance to post EPS of 0.03 for the current year.

Hedge funds and other institutional investors have recently changed their holdings in the company. BlackRock Inc. increased its stake in Heritage Insurance 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 purchasing an additional 7,212 shares during the period. Pacific Ridge Capital Partners LLC increased its stake in Heritage Insurance by 15.5% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 834,956 shares of the insurance provider valued at $4,910,000 after purchasing an additional 112,331 shares during the period. Acuitas Investments LLC increased its stake in Heritage Insurance by 59.2% in the 4th quarter. Acuitas Investments LLC now owns 471,707 shares of the insurance provider valued at $2,774,000 after purchasing an additional 175,426 shares during the period. Renaissance Technologies LLC increased its stake in Heritage Insurance by 47.5% in the 4th quarter. Renaissance Technologies LLC now owns 458,199 shares of the insurance provider valued at $2,694,000 after purchasing an additional 147,468 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in Heritage Insurance by 8.7% in the 4th quarter. Nuveen Asset Management LLC now owns 443,932 shares of the insurance provider valued at $2,562,000 after purchasing an additional 35,489 shares during the period. 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 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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