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Heritage Insurance Holdings NYSE:HRTG Stock Report

Last Price


Market Cap







28 Sep, 2022


Company Financials +
HRTG fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance0/6
Financial Health2/6

HRTG Stock Overview

Heritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products.

Heritage Insurance Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Heritage Insurance Holdings
Historical stock prices
Current Share PriceUS$2.39
52 Week HighUS$7.37
52 Week LowUS$2.08
1 Month Change-13.41%
3 Month Change-9.47%
1 Year Change-64.70%
3 Year Change-82.97%
5 Year Change-82.99%
Change since IPO-79.22%

Recent News & Updates

Aug 04

Heritage Insurance GAAP EPS of -$3.32 misses by $3.34, revenue of $163.77M beats by $4.78M

Heritage Insurance press release (NYSE:HRTG): Q2 GAAP EPS of -$3.32 misses by $3.34. Revenue of $163.77M (+9.0% Y/Y) beats by $4.78M.

Shareholder Returns

HRTGUS InsuranceUS Market

Return vs Industry: HRTG underperformed the US Insurance industry which returned -3.6% over the past year.

Return vs Market: HRTG underperformed the US Market which returned -22.1% over the past year.

Price Volatility

Is HRTG's price volatile compared to industry and market?
HRTG volatility
HRTG Average Weekly Movement15.8%
Insurance Industry Average Movement4.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: HRTG is more volatile than 90% of US stocks over the past 3 months, typically moving +/- 16% a week.

Volatility Over Time: HRTG's weekly volatility has increased from 10% to 16% over the past year.

About the Company

2012648Ernie Garateix

Heritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners, and 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 personal residential and wind-only property insurance. It also provides restoration, and emergency and recovery services; and property management, and reinsurance services.

Heritage Insurance Holdings Fundamentals Summary

How do Heritage Insurance Holdings's earnings and revenue compare to its market cap?
HRTG fundamental statistics
Market CapUS$61.70m
Earnings (TTM)-US$184.25m
Revenue (TTM)US$656.50m


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
HRTG income statement (TTM)
Cost of RevenueUS$619.59m
Gross ProfitUS$36.91m
Other ExpensesUS$221.17m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)-7.14
Gross Margin5.62%
Net Profit Margin-28.07%
Debt/Equity Ratio68.1%

How did HRTG perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is HRTG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HRTG?

Other financial metrics that can be useful for relative valuation.

HRTG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Book Ratio vs Peers

How does HRTG's PB Ratio compare to its peers?

HRTG PB Ratio vs Peers
The above table shows the PB ratio for HRTG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average0.5x
KINS Kingstone Companies
ICCH ICC Holdings
PPHI Positive Physicians Holdings
UIHC United Insurance Holdings
HRTG Heritage Insurance Holdings

Price-To-Book vs Peers: HRTG is good value based on its Price-To-Book Ratio (0.3x) compared to the peer average (0.5x).

Price to Earnings Ratio vs Industry

How does HRTG's PE Ratio compare vs other companies in the US Insurance Industry?

Price-To-Book vs Industry: HRTG is good value based on its Price-To-Book Ratio (0.3x) compared to the US Insurance industry average (1x)

Price to Book Ratio vs Fair Ratio

What is HRTG's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HRTG PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.3x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate HRTG's Price-To-Book Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of HRTG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate HRTG's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate HRTG's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Heritage Insurance Holdings forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: HRTG is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: HRTG is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: HRTG is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: HRTG's revenue (3% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: HRTG's revenue (3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if HRTG's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Heritage Insurance Holdings performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HRTG is currently unprofitable.

Growing Profit Margin: HRTG is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: HRTG is unprofitable, and losses have increased over the past 5 years at a rate of 66.8% per year.

Accelerating Growth: Unable to compare HRTG's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: HRTG is unprofitable, making it difficult to compare its past year earnings growth to the Insurance industry (-22.8%).

Return on Equity

High ROE: HRTG has a negative Return on Equity (-102.05%), as it is currently unprofitable.

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Financial Health

How is Heritage Insurance Holdings's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: HRTG's short term assets ($1.2B) do not cover its short term liabilities ($1.7B).

Long Term Liabilities: HRTG's short term assets ($1.2B) exceed its long term liabilities ($152.7M).

Debt to Equity History and Analysis

Debt Level: HRTG has more cash than its total debt.

Reducing Debt: HRTG's debt to equity ratio has increased from 20.4% to 68.1% over the past 5 years.

Debt Coverage: HRTG's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if HRTG's interest payments on its debt are well covered by EBIT.

Balance Sheet

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What is Heritage Insurance Holdings's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Heritage Insurance Holdings Dividend Yield vs Market
How does Heritage Insurance Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (Heritage Insurance Holdings)10.0%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Insurance)2.5%
Analyst forecast in 3 Years (Heritage Insurance Holdings)n/a

Notable Dividend: HRTG's dividend (10.04%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: HRTG's dividend (10.04%) is in the top 25% of dividend payers in the US market (4.69%)

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, HRTG has been paying a dividend for less than 10 years.

Growing Dividend: HRTG's dividend payments have increased, but the company has only paid a dividend for 7 years.

Earnings Payout to Shareholders

Earnings Coverage: HRTG is paying a dividend but the company is unprofitable.

Cash Payout to Shareholders

Cash Flow Coverage: HRTG is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Ernie Garateix (50 yo)





Mr. Ernesto Jose Garateix, also known as Ernie, CPCU, had been the Chief Operating Officer at Heritage Insurance Holdings, Inc. since December 22, 2014 and served as its Executive Vice President since Augu...

CEO Compensation Analysis

Ernie Garateix's Compensation vs Heritage Insurance Holdings Earnings
How has Ernie Garateix's remuneration changed compared to Heritage Insurance Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021US$3mUS$1m


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020US$2mUS$1m


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019US$1mUS$900k


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019n/an/a


Dec 31 2018US$1mUS$900k


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018n/an/a


Dec 31 2017US$1mUS$773k


Sep 30 2017n/an/a


Jun 30 2017n/an/a


Mar 31 2017n/an/a


Dec 31 2016US$1mUS$750k


Sep 30 2016n/an/a


Jun 30 2016n/an/a


Mar 31 2016n/an/a


Dec 31 2015US$3mUS$325k


Compensation vs Market: Ernie's total compensation ($USD3.01M) is above average for companies of similar size in the US market ($USD784.47K).

Compensation vs Earnings: Ernie's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: HRTG's management team is seasoned and experienced (5.5 years average tenure).

Board Members

Experienced Board: HRTG's board of directors are considered experienced (8.4 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: HRTG insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NYSE:HRTG Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
30 Jun 22BuyUS$26,100Kirk LuskIndividual10,000US$2.61
30 Jun 22BuyUS$26,300Richard WiddicombeIndividual10,000US$2.63
30 Jun 22BuyUS$26,900Ernesto GarateixIndividual10,000US$2.69
10 May 22BuyUS$10,007Ernesto GarateixIndividual3,125US$3.20

Ownership Breakdown

What is the ownership structure of HRTG?
Owner TypeNumber of SharesOwnership Percentage
Private Companies120,0000.6%
Individual Insiders5,720,57430.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 102.14% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Raymond Hyer
2,550,000$6.1m66.67%no data
Dimensional Fund Advisors LP
1,251,538$3.0m-5.69%no data
Rutabaga Capital Management LLC
The Vanguard Group, Inc.
1,157,200$2.8m14.83%no data
BlackRock, Inc.
1,156,833$2.8m-53.82%no data
Acuitas Investments, LLC
Pacific Ridge Capital Partners, LLC
Mark Berset
744,352$1.8m1.7%no data
Richard Widdicombe
676,921$1.6m3.43%no data
Ernesto Garateix
460,999$1.1m2.93%no data
LSV Asset Management
460,290$1.1m-1.71%no data
Millennium Management LLC
367,072$877.3k74.65%no data
Wells Fargo & Company, Securities and Brokerage Investments
322,581$771.0k1.57%no data
Vijay Walvekar
301,107$719.6k4.3%no data
Security Investors, LLC
Putnam LLC
283,443$677.4k-48.77%no data
Two Sigma Advisers, LP
273,600$653.9k-1.55%no data
Renaissance Technologies LLC
261,799$625.7k-46.62%no data
Bridgeway Capital Management, LLC
Kirk Lusk
233,736$558.6k4.47%no data
Marshall Wace LLP
232,587$555.9k311.41%no data
Geode Capital Management, LLC
223,714$534.7k-49.71%no data
Goldman Sachs Group, Investment Banking and Securities Investments
207,653$496.3k150.05%no data
Driehaus Capital Management LLC
Jacobs Levy Equity Management Inc
202,247$483.4k-23.34%no data

Company Information

Heritage Insurance Holdings, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Heritage Insurance Holdings, Inc.
  • Ticker: HRTG
  • Exchange: NYSE
  • Founded: 2012
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Implied Market Cap: US$61.701m
  • Shares outstanding: 25.82m
  • Website:

Number of Employees


  • Heritage Insurance Holdings, Inc.
  • 1401 North Westshore Boulevard
  • Tampa
  • Florida
  • 33607
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HRTGNYSE (New York Stock Exchange)YesCommon StockUSUSDMay 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.