Heritage Insurance (NYSE:HRTG) Board Announces Share Buyback Plan

Heritage Insurance (NYSE:HRTG) declared that its Board of Directors has approved a share repurchase program on Monday, December 9th, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization allows the insurance provider to repurchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Heritage Insurance Price Performance

Heritage Insurance stock opened at $12.33 on Wednesday. The stock has a market cap of $378.28 million, a price-to-earnings ratio of 4.93 and a beta of 1.02. 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 has a 1 year low of $5.51 and a 1 year high of $16.90. The firm has a 50-day moving average of $11.38 and a two-hundred day moving average of $10.81.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $0.27 EPS for the quarter, beating the consensus estimate of $0.02 by $0.25. The business had revenue of $211.85 million during the quarter, compared to analyst estimates of $209.91 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. During the same quarter in the previous year, the business posted ($0.28) EPS. On average, research analysts forecast that Heritage Insurance will post 1.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Monday, November 25th.

Insider Buying and Selling

In other Heritage Insurance news, Director Nicholas George Pappas sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $12.64, for a total transaction of $50,560.00. Following the transaction, the director now owns 76,314 shares in the company, valued at approximately $964,608.96. This represents a 4.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.00% of the stock is currently owned by company insiders.

Heritage Insurance Company Profile

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.