Heritage Insurance (NYSE:HRTG) Releases Quarterly Earnings Results, Beats Estimates By $0.83 EPS

Heritage Insurance (NYSE:HRTG) announced its quarterly earnings results on Tuesday. The insurance provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.83, Zacks reports. The company had revenue of $210.26 million for the quarter, compared to analysts’ expectations of $199.87 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%.

Heritage Insurance Trading Up 4.8 %

Heritage Insurance stock opened at $11.84 on Wednesday. Heritage Insurance has a one year low of $6.14 and a one year high of $16.90. The business’s fifty day moving average is $11.55 and its 200 day moving average is $12.31. The stock has a market capitalization of $363.27 million, a PE ratio of 4.74 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76.

Heritage Insurance declared that its Board of Directors has initiated a share repurchase plan on Monday, December 9th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research note on Monday.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in 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 personal residential and wind-only property insurance.