TheStreet Downgrades Heritage Insurance Holdings, Inc. (HRTG) to C+

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was downgraded by analysts at TheStreet from a “b” rating to a “c+” rating in a research note issued on Wednesday, November 1st.

A number of other research analysts have also commented on the company. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $18.00 price objective on shares of Heritage Insurance Holdings in a research report on Tuesday, September 26th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $17.00 target price on shares of Heritage Insurance Holdings in a report on Thursday, September 21st. BidaskClub lowered Heritage Insurance Holdings from a “strong-buy” rating to a “buy” rating in a report on Friday, November 3rd. Citigroup Inc. lifted their target price on Heritage Insurance Holdings from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, October 17th. Finally, Zacks Investment Research upgraded Heritage Insurance Holdings from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.00.

Heritage Insurance Holdings (HRTG) opened at $17.15 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.63. Heritage Insurance Holdings has a 52-week low of $8.85 and a 52-week high of $17.31. The firm has a market capitalization of $418.46, a price-to-earnings ratio of 1,715.00 and a beta of 1.44.

Heritage Insurance Holdings (NYSE:HRTG) last announced its earnings results on Wednesday, November 1st. The insurance provider reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.23). Heritage Insurance Holdings had a net margin of 0.27% and a return on equity of 0.31%. The business had revenue of $101.77 million for the quarter, compared to the consensus estimate of $99.01 million. During the same quarter in the previous year, the company earned $0.37 EPS. Heritage Insurance Holdings’s revenue for the quarter was down 6.9% compared to the same quarter last year. equities analysts predict that Heritage Insurance Holdings will post 0.73 EPS for the current fiscal year.

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In related news, Director James Masiello bought 10,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were acquired at an average price of $11.71 per share, with a total value of $117,100.00. Following the completion of the transaction, the director now owns 239,795 shares in the company, valued at $2,807,999.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Richard A. Widdicombe bought 16,500 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was bought at an average cost of $11.32 per share, for a total transaction of $186,780.00. Following the transaction, the president now owns 775,612 shares of the company’s stock, valued at approximately $8,779,927.84. The disclosure for this purchase can be found here. Insiders acquired a total of 31,550 shares of company stock worth $360,489 in the last three months. Company insiders own 17.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in HRTG. Bank of New York Mellon Corp increased its position in Heritage Insurance Holdings by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 194,527 shares of the insurance provider’s stock worth $2,484,000 after buying an additional 15,789 shares during the last quarter. Swiss National Bank increased its position in Heritage Insurance Holdings by 8.0% during the first quarter. Swiss National Bank now owns 44,300 shares of the insurance provider’s stock worth $566,000 after buying an additional 3,300 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in Heritage Insurance Holdings by 69.1% during the first quarter. UBS Asset Management Americas Inc. now owns 18,600 shares of the insurance provider’s stock worth $238,000 after buying an additional 7,600 shares during the last quarter. American International Group Inc. increased its position in Heritage Insurance Holdings by 7.0% during the first quarter. American International Group Inc. now owns 16,365 shares of the insurance provider’s stock worth $209,000 after buying an additional 1,077 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in Heritage Insurance Holdings by 36.9% during the first quarter. Alliancebernstein L.P. now owns 213,560 shares of the insurance provider’s stock worth $2,727,000 after buying an additional 57,580 shares during the last quarter. 71.65% of the stock is currently owned by hedge funds and other institutional investors.

About Heritage Insurance Holdings

Heritage Insurance Holdings, Inc (Heritage Insurance) is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company (Heritage P&C), 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.

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