Stock under Consideration: Heritage Insurance Holdings Inc. (NYSE: HRTG)

CLEARWATER, Fla, May 2, 2020 – Heritage Insurance Holdings Inc. (NYSE: HRTG) reported third quarter 2019 net income of $8.10M contrast to $6.00M in the prior year quarter. The increase mainly reflects higher net premiums earned, a lower net expense ratio and lower interest expense, partly offset by a higher net loss ratio.

Gross premiums written were $237.30M in third quarter 2019, up 1.6% from $233.60M in the prior year quarter.  The increase reflects 7.9% growth outside Florida, partly offset by a 4.8% exposure management driven decline in Florida, particularly in the state’s Tri-County region. The Florida decline reflects a deceleration from second quarter 2019’s 11.9% decrease.

Premiums-in-force were $926.80M, up 0.5% from second quarter 2019, with the increase stemming from 2.1% growth outside Florida, partly offset by a 1.0% decline in Florida. The Florida decline reflects a deceleration from 2Q19’s 3.4% decline from first quarter 2019.

Gross premiums earned were $231.60M in third quarter 2019, down 1.1% from $234.20M in the prior year quarter. The decrease mainly reflects organic gross premiums written declines in second quarter 2019 and the third and fourth quarters of 2018, partly offset by positive organic gross premiums written growth in the first and third quarters of 2019.

HRTG has a market value of $308.97M while its EPS was booked as $0.98 in the last 12 months. The stock has 28.45M shares outstanding. In the profitability analysis, the company has net profit margin of 5.60%. Beta value of the company was 0.63; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.20.

Julius Breit

I am Julius Breit and I focus on breaking news stories and ensuring we (“Liberty Headquarters”) offer timely reporting on some of the most recent stories released. I have formerly spent over 3 years as a trader in the U.S. Stock Market and is now semi-stepped down. I work on a full-time basis for Liberty Headquarters specializing in breaking stories, activism, companies, and legislation. Address: 3083 Olen Thomas Drive, Frisco, TX 75034, USA Phone: (+1) 940-698-0374 Email: juliusbreit@libertyheadquarters.com

Julius Breit

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