Heritage Insurance Holdings, Inc.
Description
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. It also provides restoration, emergency, and recovery services; property management, and reinsurance services; homeowners insurance products, including single-family, homeowners or duplex, and condominium owners; and dwelling fire insurance policies. In addition, the company provides personal line policies through a network of retail independent agents, wholesale agents, and a partnership with a direct agency, as well as distribute indirectly to retail locations through wholesale agency relationships. Further, it offers personal and commercial insurance policies through a network of independent agencies. The company was founded in 2012 and is headquartered in Tampa, Florida.
About
Earnings
Date | Estimate EPS | Actual EPS | Difference | % Surprise |
---|---|---|---|---|
Nov 5, 2025 | — | — | — | — |
Aug 5, 2025 | — | — | — | — |
Apr 29, 2025 | — | — | — | — |
Mar 11, 2025 | -0.17 | — | — | — |
Nov 7, 2024 | 0.06 | 0.27 | 0.21 | 350.00% |
Earnings estimate
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
---|---|---|---|---|
Number of analysts | — | 2 | — | 3 |
Average estimate | — | 0.26 | — | 1.89 |
Low estimate | — | -0.08 | — | 1.32 |
High estimate | — | 0.59 | — | 2.25 |
Last year EPS | — | 0.47 | — | 1.86 |
Growth estimates
Analyst Ratings
Date | Firm | Action | Rating | Price Target |
---|---|---|---|---|
Aug 9, 2024 |
Piper Sandler
Paul Newsome
|
Upgrade | Overweight | ▲ Raises $9 → $13 |
Aug 8, 2024 |
Truist Securities
Mark Hughes
|
Maintains | Buy | ▲ Raises $11 → $12 |
Apr 15, 2024 |
JMP Securities
Matthew Carletti
|
Reiterates | Market Perform | — |
Apr 1, 2024 |
Piper Sandler
Paul Newsome
|
Maintains | Neutral | Maintains $9 |
Mar 13, 2024 |
JMP Securities
Matthew Carletti
|
Downgrade | Market Perform | — |
Mar 13, 2024 |
Truist Securities
Mark Hughes
|
Maintains | Buy | ▲ Raises $9 → $11 |
Jan 17, 2024 |
JMP Securities
Matthew Carletti
|
Maintains | Market Outperform | ▲ Raises $6 → $7 |
Nov 6, 2023 |
Truist Securities
Mark Hughes
|
Maintains | Buy | ▲ Raises $7 → $9 |
Nov 6, 2023 |
Piper Sandler
Paul Newsome
|
Maintains | Neutral | ▲ Raises $5.7 → $7 |
Oct 6, 2023 |
Piper Sandler
Paul Newsome
|
Maintains | Neutral | ▼ Lowers $6.35 → $5.7 |
Oct 5, 2023 |
Piper Sandler
Paul Newsome
|
Maintains | Neutral | ▲ Raises $5.25 → $6.35 |
Aug 10, 2023 |
JMP Securities
Matthew Carletti
|
Maintains | Market Outperform | ▲ Raises $5 → $6 |
Jul 12, 2023 |
JMP Securities
Matthew Carletti
|
Reiterates | Market Outperform | Maintains $5 |
May 8, 2023 |
Piper Sandler
Paul Newsome
|
Maintains | Neutral | ▲ Raises $3.5 → $4.25 |
Apr 18, 2023 |
JMP Securities
Matthew Carletti
|
Reiterates | Market Outperform | Maintains $3 |
Mar 6, 2023 |
Truist Securities
Mark Hughes
|
Maintains | Buy | ▲ Raises $3 → $5 |
Feb 13, 2023 |
Piper Sandler
Nicole Miller Regan
|
Downgrade | Neutral | ▼ Lowers $4.3 → $2.2 |
Jan 17, 2023 |
JMP Securities
Matthew Carletti
|
Maintains | Market Outperform | ▼ Lowers $4 → $3 |
Oct 18, 2022 |
JMP Securities
Karol Chmiel
|
Maintains | Market Outperform | ▼ Lowers $6 → $4 |
Jul 18, 2022 |
JMP Securities
Matthew Carletti
|
Maintains | Market Outperform | ▼ Lowers $10 → $8 |
Oct 15, 2021 |
JMP Securities
|
Maintains | Market Outperform | ▼ Lowers $14 → $12 |
Apr 16, 2020 |
JMP Securities
Matthew Carletti
|
Maintains | Market Outperform | ▼ Lowers $18 → $17 |
Apr 6, 2020 |
Piper Sandler
Paul Newsome
|
Upgrade | Overweight | ▲ Raises $12 → $15 |
Nov 5, 2019 |
Keefe, Bruyette & Woods
|
Downgrade | Market Perform | ▼ Lowers $17 → $16 |
Jul 16, 2019 |
Piper Sandler
|
Downgrade | Hold | ▼ Lowers $18 → $17 |
Jul 16, 2019 |
Sandler O'Neill
|
Downgrade | Hold | — |
May 15, 2019 |
JMP Securities
|
Upgrade | Market Outperform | — |
Oct 12, 2018 |
Citigroup
James Naklicki
|
Maintains | Buy | ▼ Lowers $17 → $16.5 |
Apr 10, 2018 |
Citigroup
James Naklicki
|
Maintains | Buy | ▼ Lowers $21 → $20 |
Jan 22, 2018 |
JMP Securities
|
Downgrade | Market Perform | — |
Income statement
2023 | 2022 | 2021 | 2020 | 2019 | |
---|---|---|---|---|---|
Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
Total reported revenue | 735.50M | 662.46M | 631.56M | 593.39M | 511.31M |
Cost of revenue | — | — | — | — | — |
Gross profit | — | — | — | — | — |
Operating expense | |||||
Research & development | — | — | — | — | — |
Selling general and admin | 77.78M | 70.40M | 65.79M | 81.54M | 80.54M |
Other operating expenses | — | — | — | — | 48,000 |
Operating income | — | — | — | — | — |
Non operating interest income | |||||
Income | — | — | — | — | — |
Expense | 11.21M | 8.81M | 7.97M | 7.97M | 8.52M |
Other income expense | 13.53M | 13.68M | 14.85M | 13.97M | 14.00M |
Pretax income | 52.01M | -166.17M | -76.03M | 2.21M | 41.00M |
Tax provision | 6.70M | -11.81M | -1.31M | -7.11M | 12.36M |
Net income | 45.31M | -154.36M | -74.73M | 9.33M | 28.64M |
Basic EPS | 1.73 | -5.86 | -2.69 | 0.33 | 0.98 |
Diluted EPS | 1.73 | -5.86 | -2.69 | 0.33 | 0.98 |
Basic average shares | 26.19M | 26.34M | 27.80M | 27.98M | 29.21M |
Diluted average shares | 26.19M | 26.34M | 27.80M | 27.98M | 29.21M |
EBITDA | — | — | — | — | — |
Net income from continuing op. | 45.31M | -154.36M | -74.73M | 9.33M | 28.64M |
Minority interests | — | — | — | — | — |
Preferred stock dividends | — | — | — | — | — |
Balance sheet
2023 | 2022 | 2021 | 2020 | 2019 | |
---|---|---|---|---|---|
Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
Total assets | — | — | — | — | — |
Current assets | |||||
Cash | — | — | — | — | — |
Cash equivalents | — | — | — | — | — |
Cash and cash equivalents | 463.64M | 280.88M | 359.34M | 440.96M | 268.35M |
Other short term investments | 89.53M | 113.68M | 669.35M | 561.01M | 587.26M |
Accounts receivable | 571.92M | 897.81M | 341.32M | 432.51M | 492.59M |
Other receivables | 1.51M | — | — | — | — |
Inventory | — | — | — | — | — |
Prepaid assets | 299.19M | 306.98M | 265.87M | 245.82M | 224.10M |
Restricted cash | — | — | — | — | — |
Assets held for sale | — | — | — | — | — |
Hedging assets | — | — | — | — | — |
Other current assets | — | — | — | — | — |
Non current assets | |||||
Properties | — | — | — | — | — |
Land and improvements | — | — | — | — | — |
Machinery furniture equipment | — | — | — | — | — |
Construction in progress | — | — | — | — | — |
Leases | — | — | — | — | — |
Accumulated depreciation | — | — | — | — | — |
Goodwill | 42.56M | 49.58M | 239.84M | 367.20M | 373.56M |
Investment properties | — | — | — | — | — |
Financial assets | — | — | — | — | — |
Intangible assets | 42.56M | 49.58M | 55.93M | 62.28M | 68.64M |
Investments and advances | 562.35M | 637.09M | 670.77M | 562.61M | 588.87M |
Other non current assets | — | — | — | — | — |
Total liabilities | — | — | — | — | — |
Current liabilities | |||||
Accounts payable | 176.01M | 217.46M | 201.81M | 171.17M | 163.58M |
Accrued expenses | 325,000 | 733,000 | 735,000 | 833,000 | 1.05M |
Short term debt | 89.63M | 99.13M | 69.13M | 70.00M | 79.38M |
Deferred revenue | — | — | — | — | — |
Tax payable | 1.49M | 1.00M | 871,000 | — | — |
Pensions | — | — | — | — | — |
Other current liabilities | — | — | — | — | — |
Non current liabilities | |||||
Long term debt | 58.57M | 61.07M | 82.80M | 59.15M | 58.24M |
Provision for risks and charges | — | — | — | — | — |
Deferred liabilities | — | — | 9.43M | 18.48M | 12.62M |
Derivative product liabilities | — | — | — | — | — |
Other non current liabilities | — | — | — | — | — |
Shareholders equity | |||||
Common stock | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
Retained earnings | 26.12M | -19.19M | 138.38M | 219.78M | 217.27M |
Other shareholders equity | -35.25M | -53.59M | -4.57M | 6.06M | 7.33M |
Total shareholders equity | 220.28M | 131.04M | 343.05M | 442.34M | 448.80M |
Additional paid in capital | 360.31M | 334.71M | 332.80M | 331.87M | 329.57M |
Treasury stock | 130.90M | 130.90M | 123.56M | 115.37M | 105.37M |
Minority interest | — | — | — | — | — |
Cash flow statement
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | ||||||||||||
Net Income | 45.31M | -154.36M | -74.73M | 9.33M | 28.64M | 27.16M | -1.12M | 33.87M | 92.51M | 47.10M | 34.21M | -5.47M |
Depreciation | — | — | — | — | — | — | — | — | — | — | — | — |
Deferred Taxes | 40,000 | -11.20M | -5.96M | 6.24M | -898,000 | -21.56M | 19.62M | 3.10M | 1.02M | -3.76M | -893,000 | -3.05M |
Stock-Based Compensation | 1.36M | 2.01M | 1.16M | 4.68M | 5.38M | 5.27M | 4.82M | 4.82M | 2.65M | 3.30M | 5.73M | 5.52M |
Other Non-Cash Items | 856,000 | -1,000 | -1,000 | 161,000 | 338,000 | 9.79M | 1.20M | — | -6.49M | 250,000 | 323,000 | — |
Accounts Receivable | 323.80M | -556.87M | 111.68M | 30.82M | -85.24M | 51.94M | -313.79M | -21.47M | -10.29M | 479,000 | -20.64M | -120,000 |
Accounts Payable | -39.98M | 8.08M | 29.81M | 5.57M | -10.62M | 149.40M | -79.11M | 36.46M | 43.10M | -12.48M | 20.60M | 8.99M |
Other Assets & Liabilities | -10.85M | 12.80M | -8.28M | 18.45M | -36.08M | -76.38M | 74.02M | -2.07M | -18.12M | 25.86M | 820,000 | 1.17M |
Operating Cash Flow | 320.54M | -699.56M | 53.68M | 75.25M | -98.49M | 145.61M | -294.37M | 54.71M | 104.38M | 60.74M | 40.16M | 7.04M |
Investing Activities | ||||||||||||
Capital Expenditures | -9.89M | -12.38M | -1.01M | -755,000 | -4.98M | -2.28M | -385,000 | -1.62M | -1.17M | -6.93M | -10.88M | -201,000 |
Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
Net Acquisitions | — | — | — | — | — | — | -140.92M | -110.32M | -6.00M | — | — | — |
Purchase of Investments | -230.90M | -135.00M | -334.58M | -470.50M | -256.88M | -219.67M | -215.84M | -317.67M | -237.95M | -231.07M | -126.97M | -13.08M |
Sale of Investments | 341.59M | 109.52M | 211.11M | 493.32M | 207.92M | 246.32M | 349.91M | 180.19M | 151.31M | 38.74M | 7.42M | — |
Investing Cash Flow | 100.81M | -37.86M | -124.48M | 22.06M | -53.59M | 23.46M | -7.24M | -249.42M | -93.81M | -199.26M | -136.49M | -13.89M |
Financing Activities | ||||||||||||
Long-Term Debt Issuance | — | 35.00M | 2.78M | — | — | 114.20M | 149.41M | 77.91M | — | — | — | 3.90M |
Long-Term Debt Payments | -9.68M | -27.85M | -4.93M | -9.67M | -18.77M | -132.50M | -25.19M | — | — | — | -1.00M | — |
Other Financing Charges | -429,000 | -94,000 | -231,000 | -2.38M | -3.52M | -5.27M | -7.21M | -1.72M | 739,000 | — | — | 3.90M |
Financing Cash Flow | 14.55M | -10.06M | -21.91M | -38.27M | -61.06M | -31.95M | 47.14M | 43.83M | 739,000 | 78.76M | 31.63M | 32.19M |
Other Cash Details | ||||||||||||
End Cash Position | 473.34M | 287.57M | 364.75M | 446.38M | 283.01M | 262.37M | 174.53M | 126.73M | 236.28M | 160.48M | 65.06M | 63.87M |
Income Tax Paid | 8.57M | — | 528,000 | 15.69M | 14.17M | 31.29M | 4.50M | 31.91M | 68.82M | 13.04M | 28.31M | — |
Interest Paid | 9.31M | 7.84M | 5.28M | 6.21M | 7.30M | 17.57M | 4.05M | — | — | — | 16,000 | 48,000 |
Free Cash Flow | 60.53M | -46.64M | 59.12M | 169.46M | 114.67M | 94.06M | 7.10M | 81.33M | 151.95M | 187.27M | 94.17M | 49.27M |
Top Institutional Holders
Holder | Date Reported | Shares | Value | % Held |
---|---|---|---|---|
Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 725,152 | 8.43M | 2.36% |
iShares Russell 2000 ETF | Nov 30, 2024 | 707,992 | 8.23M | 2.31% |
Invesco ETF Tr II-Invesco Dorsey Wright SmallCap Momentum ETF | Nov 30, 2024 | 706,110 | 8.20M | 2.30% |
Avantis U.S. Small Cap Value ETF | Nov 30, 2024 | 470,476 | 5.47M | 1.53% |
Vanguard Extended Market Index Fund | Sep 30, 2024 | 339,333 | 3.94M | 1.11% |
RBB Fund Inc.-Adara Smaller Companies Fund | Nov 30, 2024 | 309,767 | 3.60M | 1.01% |
DFA U.S. Small Cap Value Series | Oct 31, 2024 | 271,114 | 3.15M | 0.88% |
Fidelity Small Cap Index Fund | Oct 31, 2024 | 233,146 | 2.71M | 0.76% |
iShares Russell 2000 Value ETF | Nov 30, 2024 | 227,913 | 2.65M | 0.74% |
DFA U.S. Targeted Value Portfolio | Oct 31, 2024 | 204,618 | 2.38M | 0.67% |