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Heritage Insurance Holdings

NYSE:HRTG
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HRTG
NYSE
$461M
Market Cap
  1. Home
  2. US
  3. Insurance
Company description

Heritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products. The last earnings update was 17 days ago. More info.


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HRTG Share Price and Events
7 Day Returns
-1.7%
NYSE:HRTG
-0.3%
US Insurance
-2.1%
US Market
1 Year Returns
-13%
NYSE:HRTG
7.6%
US Insurance
1.3%
US Market
HRTG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Heritage Insurance Holdings (HRTG) -1.7% 14.6% 2.5% -13% 14.4% 23.7%
US Insurance -0.3% 2.6% 5.7% 7.6% 31.1% 45.5%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • HRTG underperformed the Insurance industry which returned 7.6% over the past year.
  • HRTG underperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
HRTG
Industry
5yr Volatility vs Market

Value

 Is Heritage Insurance Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Heritage Insurance Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Heritage Insurance Holdings.

NYSE:HRTG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $17.43 * 11%
$1.92
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $17.43
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:HRTG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.734 (1 + (1- 21%) (30.51%))
0.94
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.94 * 5.96%)
8.33%

Discounted Cash Flow Calculation for NYSE:HRTG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Heritage Insurance Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:HRTG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11% – 8.33%) * $17.43)
$0.47
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.47 / (8.33% - 2.73%)
$8.41
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $17.43 + $8.41
$25.84
NYSE:HRTG Discount to Share Price
Calculation Result
Value per share (USD) From above. $25.84
Current discount Discount to share price of $15.37
= -1 x ($15.37 - $25.84) / $25.84
40.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Heritage Insurance Holdings is available for.
Intrinsic value
41%
Share price is $15.37 vs Future cash flow value of $25.84
Current Discount Checks
For Heritage Insurance Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Heritage Insurance Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Heritage Insurance Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Heritage Insurance Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Heritage Insurance Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:HRTG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.72
NYSE:HRTG Share Price ** NYSE (2019-05-24) in USD $15.37
United States of America Insurance Industry PE Ratio Median Figure of 90 Publicly-Listed Insurance Companies 17.09x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Heritage Insurance Holdings.

NYSE:HRTG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HRTG Share Price ÷ EPS (both in USD)

= 15.37 ÷ 0.72

21.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heritage Insurance Holdings is overvalued based on earnings compared to the US Insurance industry average.
  • Heritage Insurance Holdings is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Heritage Insurance Holdings's expected growth come at a high price?
Raw Data
NYSE:HRTG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
29.5%per year
United States of America Insurance Industry PEG Ratio Median Figure of 66 Publicly-Listed Insurance Companies 1.58x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NYSE:HRTG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.43x ÷ 29.5%

0.73x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heritage Insurance Holdings is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Heritage Insurance Holdings's assets?
Raw Data
NYSE:HRTG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $14.78
NYSE:HRTG Share Price * NYSE (2019-05-24) in USD $15.37
United States of America Insurance Industry PB Ratio Median Figure of 120 Publicly-Listed Insurance Companies 1.22x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NYSE:HRTG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HRTG Share Price ÷ Book Value per Share (both in USD)

= 15.37 ÷ 14.78

1.04x

* Primary Listing of Heritage Insurance Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heritage Insurance Holdings is good value based on assets compared to the US Insurance industry average.
X
Value checks
We assess Heritage Insurance Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Heritage Insurance Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
29.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Heritage Insurance Holdings expected to grow at an attractive rate?
  • Heritage Insurance Holdings's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Heritage Insurance Holdings's earnings growth is expected to exceed the United States of America market average.
  • Heritage Insurance Holdings's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:HRTG Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HRTG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 29.5%
NYSE:HRTG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 4.9%
United States of America Insurance Industry Earnings Growth Rate Market Cap Weighted Average 9.4%
United States of America Insurance Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:HRTG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HRTG Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 550 64 1
2020-12-31 510 61 3
2019-12-31 482 51 3
NYSE:HRTG Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 486 193 19
2018-12-31 480 95 27
2018-09-30 464 -30 18
2018-06-30 440 23 3
2018-03-31 419 -9 8
2017-12-31 407 7 -1
2017-09-30 401 73 1
2017-06-30 408 4 21
2017-03-31 427 22 32
2016-12-31 439 83 34
2016-09-30 437 135 57
2016-06-30 417 172 63

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Heritage Insurance Holdings's earnings are expected to grow significantly at over 20% yearly.
  • Heritage Insurance Holdings's revenue is expected to grow by 4.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HRTG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Heritage Insurance Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HRTG Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.05 2.05 2.05 1.00
2020-12-31 2.05 2.10 2.00 2.00
2019-12-31 1.70 1.73 1.67 2.00
NYSE:HRTG Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.72
2018-12-31 1.05
2018-09-30 0.72
2018-06-30 0.14
2018-03-31 0.30
2017-12-31 -0.04
2017-09-30 0.04
2017-06-30 0.72
2017-03-31 1.11
2016-12-31 1.14
2016-09-30 1.91
2016-06-30 2.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Heritage Insurance Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Heritage Insurance Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Heritage Insurance Holdings has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Heritage Insurance Holdings's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Heritage Insurance Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Heritage Insurance Holdings's 1-year earnings growth exceeds its 5-year average (149.6% vs -26.3%)
  • Heritage Insurance Holdings's earnings growth has exceeded the US Insurance industry average in the past year (149.6% vs 6.6%).
Earnings and Revenue History
Heritage Insurance Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Heritage Insurance Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HRTG Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 486.41 19.29 85.22
2018-12-31 480.17 27.16 88.54
2018-09-30 463.91 18.18 95.06
2018-06-30 440.39 3.49 84.66
2018-03-31 419.36 7.73 76.33
2017-12-31 406.62 -1.12 71.71
2017-09-30 400.81 1.07 63.13
2017-06-30 408.34 20.70 61.91
2017-03-31 426.69 32.43 61.79
2016-12-31 438.96 33.87 58.91
2016-09-30 437.48 56.96 57.36
2016-06-30 417.42 62.85 53.40
2016-03-31 401.23 69.88 49.36
2015-12-31 394.79 92.51 46.13
2015-09-30 378.85 91.95 46.95
2015-06-30 347.62 85.10 43.84
2015-03-31 295.07 69.27 37.71
2014-12-31 233.82 47.10 33.50
2014-09-30 181.54 28.23 31.68
2014-06-30 146.31 23.59 27.94
2014-03-31 148.37 35.05 27.71
2013-12-31 124.83 34.21 24.72
2012-12-31 13.51 -13.12 19.01

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Heritage Insurance Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Heritage Insurance Holdings used its assets less efficiently than the US Insurance industry average last year based on Return on Assets.
  • Heritage Insurance Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Heritage Insurance Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Heritage Insurance Holdings has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Heritage Insurance Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Heritage Insurance Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Heritage Insurance Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Heritage Insurance Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Heritage Insurance Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 5.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Heritage Insurance Holdings Company Filings, last reported 1 month ago.

NYSE:HRTG Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 435.09 140.76 279.72
2018-12-31 425.33 148.79 250.12
2018-09-30 390.56 178.33 221.52
2018-06-30 386.08 177.26 218.34
2018-03-31 388.89 185.14 193.64
2017-12-31 379.82 184.41 153.70
2017-09-30 301.68 188.63 352.32
2017-06-30 365.27 73.28 134.18
2017-03-31 360.83 73.04 104.74
2016-12-31 357.96 72.91 105.82
2016-09-30 377.24 0.00 130.84
2016-06-30 372.37 0.00 142.95
2016-03-31 356.25 0.00 168.86
2015-12-31 356.55 0.00 236.28
2015-09-30 332.40 0.00 201.27
2015-06-30 312.10 0.00 131.73
2015-03-31 287.81 0.00 160.81
2014-12-31 255.09 0.00 160.48
2014-09-30 231.48 0.00 101.64
2014-06-30 221.61 0.00 182.12
2014-03-31 110.14 0.00 74.69
2013-12-31 79.98 0.00 65.06
2012-12-31 28.12 1.00 63.87
  • Heritage Insurance Holdings's level of debt (32.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 32.4% today).
  • Debt is well covered by operating cash flow (137%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
X
Financial health checks
We assess Heritage Insurance Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Heritage Insurance Holdings has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.56%
Current annual income from Heritage Insurance Holdings dividends. Estimated to be 2.08% next year.
If you bought $2,000 of Heritage Insurance Holdings shares you are expected to receive $31 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Heritage Insurance Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Heritage Insurance Holdings's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase Heritage Insurance Holdings before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:HRTG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Insurance Industry Average Dividend Yield Market Cap Weighted Average of 80 Stocks 2.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:HRTG Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.36 1.00
2020-12-31 0.32 1.00
2019-12-31 0.28 1.00
NYSE:HRTG Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-06 0.240 1.606
2019-02-25 0.240 1.671
2018-10-31 0.240 1.586
2018-08-01 0.240 1.635
2018-05-07 0.240 1.421
2018-02-26 0.240 1.478
2017-10-31 0.240 1.388
2017-08-08 0.240 1.877
2017-05-02 0.240 1.902
2017-03-02 0.240 1.893
2016-11-08 0.240 1.610
2016-08-08 0.240 1.841
2016-08-03 0.240 1.795
2016-05-10 0.240 1.893
2016-05-04 0.240 1.818
2015-12-17 0.200 1.173

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Heritage Insurance Holdings has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Heritage Insurance Holdings only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Heritage Insurance Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.9x coverage).
X
Income/ dividend checks
We assess Heritage Insurance Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Heritage Insurance Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Heritage Insurance Holdings has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Heritage Insurance Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bruce Lucas
COMPENSATION $8,735,043
AGE 46
TENURE AS CEO 5 years
CEO Bio

Mr. Bruce Lucas has been the Chairman of the Board & Chief Executive Officer of Heritage Insurance Holdings, Inc. since August 2012 and since May 2014 respectively. Mr. Lucas serves Chief Investment Officer of Heritage Property & Casualty Company. He serves as Chief Executive Officer and Director of Pawtucket Insurance Company and Narragansett Bay Insurance Company. He Co-founded Infinity Investment Funds in 2008 and served as Chief Executive Officer from April 2009 to December 2011. He served as the Chief Investment Officer at Heritage Insurance Holdings, Inc. since August 2012. Mr. Lucas is an Attorney and Businessman in Palm Harbor, Florida. From January 2012 to August 2012, Mr. Lucas served as the Managing Member of IIM Holdings, II, LLC. He was an Attorney of Honigman Miller Schwartz & Cohn LLP and Weil, Gotshal & Manges LLP. He was an Attorney and represented numerous Fortune 50 companies, including General Motors, General Electric, GE Aviation and JP Morgan Chase. He has expertise in turnaround management, restructuring corporate operations and M&A initiatives. In 2010, Mr. Lucas focused his attention on undervalued opportunities in Florida. He serves as the Chairman of Heritage Property & Casualty Company. He has been a Director at Heritage Insurance Holdings, Inc. since August 2012. He serves as a Director of First Home Bank in Pinellas County, Florida and has invested in or created several other companies in Florida. He actively involved in growth opportunities and maximizing corporate value. He has been Director of Zephyr Insurance Company, Inc. since 2016. Mr. Lucas served as an Independent Director at Innovaro, Inc. since June 14, 2012. He served as Director of First Home Bancorp, Inc. until 2014. He has a J.D. from Indiana University-Bloomington, where he graduated cum laude.

CEO Compensation
  • Bruce's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bruce's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Heritage Insurance Holdings management team in years:

4.4
Average Tenure
57
Average Age
  • The tenure for the Heritage Insurance Holdings management team is about average.
Management Team

Bruce Lucas

TITLE
Chairman & CEO
COMPENSATION
$9M
AGE
46
TENURE
5 yrs

Richard Widdicombe

TITLE
President & Director
COMPENSATION
$3M
AGE
59
TENURE
6.8 yrs

Ernie Garateix

TITLE
Chief Operating Officer
COMPENSATION
$1M
AGE
46
TENURE
4.4 yrs

Kirk Lusk

TITLE
Chief Financial Officer
AGE
57
TENURE
1.1 yrs

Sharon Binnun

TITLE
Chief Accounting Officer
AGE
56
TENURE
3 yrs

Joe Peiso

TITLE
Vice President of Compliance
AGE
59
TENURE
5 yrs

Arlene Luis

TITLE
Executive Vice President of Commercial

Arash Solemani

TITLE
Executive Vice President
TENURE
0.3 yrs

Randy Jones

TITLE
President of Commercial Division
TENURE
5.3 yrs

Steve Rohde

TITLE
Advisory
COMPENSATION
$959K
AGE
67
TENURE
2.9 yrs
Board of Directors Tenure

Average tenure and age of the Heritage Insurance Holdings board of directors in years:

5.1
Average Tenure
46
Average Age
  • The tenure for the Heritage Insurance Holdings board of directors is about average.
Board of Directors

Bruce Lucas

TITLE
Chairman & CEO
COMPENSATION
$9M
AGE
46
TENURE
6.8 yrs

Richard Widdicombe

TITLE
President & Director
COMPENSATION
$3M
AGE
59
TENURE
7.3 yrs

James Masiello

TITLE
Director
COMPENSATION
$150K
AGE
77
TENURE
5.1 yrs

Nicholas Pappas

TITLE
Director
COMPENSATION
$150K
AGE
43
TENURE
5.1 yrs

Irini Barlas

TITLE
Director
COMPENSATION
$150K
AGE
46
TENURE
4.8 yrs

Pete Apostolou

TITLE
Director
COMPENSATION
$150K
AGE
43
TENURE
6.8 yrs

Joseph Vattamattam

TITLE
Director
COMPENSATION
$150K
AGE
41
TENURE
5.1 yrs

Vijay Walvekar

TITLE
Director
COMPENSATION
$150K
AGE
71
TENURE
6.8 yrs

Steve Martindale

TITLE
Director
COMPENSATION
$150K
AGE
55
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Heritage Insurance Holdings insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. May 19 Buy Bruce Lucas Individual 09. May 19 09. May 19 5,000 $14.39 $71,950
10. May 19 Buy Kirk Lusk Individual 09. May 19 09. May 19 5,000 $14.33 $71,658
13. Mar 19 Buy Steven Martindale Individual 12. Mar 19 12. Mar 19 1,109 $14.03 $15,559
08. Mar 19 Buy Bruce Lucas Individual 08. Mar 19 08. Mar 19 1,806 $13.92 $25,140
11. Dec 18 Buy James Masiello Individual 10. Dec 18 10. Dec 18 6,500 $14.79 $96,135
14. Nov 18 Buy Bruce Lucas Individual 09. Nov 18 13. Nov 18 8,880 $16.46 $145,015
08. Nov 18 Buy Bruce Lucas Individual 07. Nov 18 07. Nov 18 9,300 $16.16 $149,471
08. Nov 18 Buy Irini Barlas Individual 05. Nov 18 07. Nov 18 10,486 $16.05 $167,832
08. Nov 18 Buy Steven Martindale Individual 06. Nov 18 06. Nov 18 1,002 $16.21 $16,242
05. Nov 18 Buy Bruce Lucas Individual 05. Nov 18 05. Nov 18 5,000 $16.05 $80,250
24. Aug 18 Buy Bruce Lucas Individual 23. Aug 18 23. Aug 18 5,000 $14.91 $74,550
24. Aug 18 Buy Ernesto Garateix Individual 22. Aug 18 22. Aug 18 1,000 $14.72 $14,720
13. Aug 18 Buy Bruce Lucas Individual 09. Aug 18 09. Aug 18 7,000 $14.46 $101,207
13. Aug 18 Buy Richard Widdicombe Individual 09. Aug 18 09. Aug 18 5,000 $14.36 $71,810
03. Jan 19 Buy Kirk Lusk Individual 10. Aug 18 10. Aug 18 3,500 $14.31 $50,102
09. Aug 18 Buy Steven Martindale Individual 07. Aug 18 07. Aug 18 2,039 $15.08 $30,748
X
Management checks
We assess Heritage Insurance Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Heritage Insurance Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Did Heritage Insurance Holdings, Inc.'s (NYSE:HRTG) 6.4% ROE Fare Against The Industry?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Heritage Insurance Holdings, Inc. … Heritage Insurance Holdings has a ROE of 6.4%, based on the last twelve months. … That means that for every $1 worth of shareholders' equity, it generated $0.064 in profit.

Simply Wall St -

These Fundamentals Make Heritage Insurance Holdings, Inc. (NYSE:HRTG) Truly Worth Looking At

I've been keeping an eye on Heritage Insurance Holdings, Inc. … Looking at the company as a whole, as a potential stock investment, I believe HRTG has a lot to offer. … company with a

Simply Wall St -

4 Days Left Until Heritage Insurance Holdings, Inc. (NYSE:HRTG) Trades Ex-Dividend

Investors who want to cash in on Heritage Insurance Holdings, Inc.'s (NYSE:HRTG) upcoming dividend of US$0.06 per share have only 4 days left to buy the shares before its ex-dividend date, 14 March 2019, in time for dividends payable on the 03 April 2019. … Is this future income a persuasive enough catalyst for investors to think about Heritage Insurance Holdings as an investment today? … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)?

Simply Wall St -

Imagine Owning Heritage Insurance Holdings And Wondering If The 24% Share Price Slide Is Justified

(NYSE:HRTG) shareholders, since the share price is down 24% in the last three years, falling well short of the market return of around 53%. … By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During the three years that the share price fell, Heritage Insurance Holdings's earnings per share (EPS) dropped by 28% each year.

Simply Wall St -

Is Heritage Insurance Holdings, Inc. (NYSE:HRTG) A Volatile Stock?

The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Are Insiders Buying Heritage Insurance Holdings, Inc. (NYSE:HRTG) Stock?

So shareholders might well want to know whether insiders have been buying or selling shares in Heritage Insurance Holdings, Inc. … The Last 12 Months Of Insider Transactions At Heritage Insurance Holdings. … That means that even when the share price was higher, an insider wanted to purchase shares

Simply Wall St -

Should You Worry About Heritage Insurance Holdings, Inc.'s (NYSE:HRTG) CEO Pay?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Bruce Lucas's Compensation Compare With Similar Sized Companies. … has a market cap of US$383m, and is paying total annual CEO compensation of US$6.7m.

Simply Wall St -

Should We Be Cautious About Heritage Insurance Holdings Inc's (NYSE:HRTG) ROE Of 4.7%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Heritage Insurance Holdings Inc (NYSE:HRTG). … Over the last twelve months Heritage Insurance Holdings has recorded a ROE of 4.7%.

Simply Wall St -

How Does Investing In Heritage Insurance Holdings Inc (NYSE:HRTG) Impact The Volatility Of Your Portfolio?

If you're interested in Heritage Insurance Holdings Inc (NYSE:HRTG), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility).

Simply Wall St -

Is Heritage Insurance Holdings Inc (NYSE:HRTG) A Good Dividend Stock?

Heritage Insurance Holdings Inc (NYSE:HRTG) has paid a dividend to shareholders in the last few years. … Does Heritage Insurance Holdings tick all the boxes of a great dividend stock? … View our latest analysis for Heritage Insurance Holdings

Simply Wall St -

Company Info

Description

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; rental property insurance; and commercial residential insurance in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina, as well as residential wind-only property insurance. As of December 31, 2018, it had approximately 512,793 personal residential policies and 3,000 commercial residential policies. The company markets and writes its voluntary personal line policies through a network of retail independent agents, wholesale agents, and a partnership with a direct agency, as well as indirectly to approximately 1,500 retail locations through 8 wholesale agency relationships. It also provides restoration, and emergency and recovery services; and property management, retail agency, and reinsurance services. The company was founded in 2012 and is headquartered in Clearwater, Florida.

Details
Name: Heritage Insurance Holdings, Inc.
HRTG
Exchange: NYSE
Founded: 2012
$461,300,086
30,013,018
Website: http://www.heritagepci.com
Address: Heritage Insurance Holdings, Inc.
2600 McCormick Drive,
Suite 300,
Clearwater,
Florida, 33759,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE HRTG Common Stock New York Stock Exchange US USD 23. May 2014
Number of employees
Current staff
Staff numbers
443
Heritage Insurance Holdings employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:42
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.