Financial Data and Key Metrics Changes - The company reported net income of $8.2 million, or $0.27 per share, a significant improvement from a net loss of $7.4 million, or a loss of $0.28 per share in the prior year quarter [11][23] - Year-to-date net income reached $41.2 million, or $1.35 per share, compared to $14.4 million, or $0.55 per share in the same period of 2023 [12] - Total revenues for the quarter were $211.9 million, up 13.7% from $186.3 million in the prior year quarter [25] - The net loss ratio improved to 65.4%, down from 74.4% in the same quarter last year [29][32] - The company ended the quarter with total assets of $2.4 billion and shareholders' equity of $279.3 million, with book value per share increasing to $9.10, up 61.1% from $5.65 in the prior year quarter [33] Business Line Data and Key Metrics Changes - The commercial residential business saw a 23.6% increase in premium in force compared to the third quarter of 2023, now accounting for 21.4% of total in-force premium [27] - The E&S business experienced a growth of nearly $25 million, or 116%, compared to the year-ago third quarter [19] Market Data and Key Metrics Changes - The company maintained a robust level of reinsurance coverage through year-end 2024, with a $1.3 billion reinsurance tower for the southeast [28] - Legislative changes in Florida are positively impacting the economics of writing new profitable business in the state [17] Company Strategy and Development Direction - The company is focusing on controlled growth, enhancing rate adequacy, and maintaining disciplined underwriting [16][20] - A strategic pivot to writing personal lines business has begun, which is expected to positively impact earnings [36] - The company aims to be profitable in every state it operates, continuously evaluating rate adequacy [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, anticipating continued profitability and growth driven by strategic initiatives [21][36] - The company expects more earned rate to come through in 2025 than in 2024, indicating a positive trajectory [42] Other Important Information - The company has suspended the quarterly dividend to support long-term growth initiatives [35] - The average rating of the investment portfolio is AA- with a duration of 3.19 years, aimed at taking advantage of higher yields [34] Q&A Session Summary Question: Sustainability of Loss Ratio Improvements - Management indicated that while the third quarter typically performs well, favorable trends in the attritional loss ratio suggest a new normal for profitability [38][39] Question: Rate Momentum and Earnings Impact - Management confirmed that significant rate actions taken will continue to benefit earnings, with more expected in 2025 [40][42] Question: Attractive Geographies for Business - Florida remains attractive due to legislative changes, while the Northeast is also being considered for further business opportunities [44] Question: Reserve Development and Legal Environment - Management noted that reserve development is primarily influenced by Hurricane Irma, with ongoing volatility due to the legal environment [47] Question: Potential for Claim Management Fees - Management acknowledged the possibility of some claim management fees but indicated they would not be material [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 ________________________________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share HRTG New York Stock Exchange Form 10-Q ________________________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o TRANSITION REPORT PUR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.0001 per share HRTG New York Stock Exchange FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 22, 2024 HERITAGE INSURANCE HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 001-36462 45-5338504 (State or ...

For the quarter ended September 2024, Heritage Insurance (HRTG) reported revenue of $211.85 million, up 13.7% over the same period last year. EPS came in at $0.27, compared to -$0.28 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $209.91 million, representing a surprise of +0.92%. The company delivered an EPS surprise of +1250.00%, with the consensus EPS estimate being $0.02.While investors scrutinize revenue and earnings changes year-over-year and how they compare ...

Heritage Insurance (HRTG) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1,250%. A quarter ago, it was expected that this property and casualty insurance holding company would post earnings of $0.38 per share when it actually produced earnings of $0.61, delivering a surprise of 60.53%.Ov ...

TAMPA, Fla., Nov. 6, 2024 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, today reported third quarter of 2024 financial results.Third Quarter 2024 Result Highlights Net income of $8.2 million or $0.27 per diluted share, improved from net loss of ($7.4) million or ($0.28) per diluted share in the prior year quarter Gross premiums earned of $354.2 million, up 5.1% from $337.0 million in the prior ...

Heritage Insurance (HRTG) is expected to witness an improvement in its top and bottom lines when it reports third-quarter 2024 results on Nov. 6, after the closing bell. Stay up-to-date with all quarterly releases: See Zack Earnings Calendar.The Zacks Consensus Estimate for HRTG’s third-quarter revenues is pegged at $209.9 billion, indicating 12.7% growth from the year-ago reported figure.The consensus estimate for earnings is pegged at 2 cents per share. The Zacks Consensus Estimate for HRTG’s third-quarte ...

Editor's note: Seeking Alpha is proud to welcome Ezra Tampubolon as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Analyst's Disclosure: I/we have a beneficial long position in the shares of HRTG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation ...

Core Viewpoint - Heritage Insurance Holdings, Inc. (HRTG) is currently trading at a discount compared to the Zacks Property and Casualty Insurance industry, with a price-to-book value of 1.42X, lower than the industry average of 1.62X and the broader sector's 3.8X [1] Company Overview - HRTG has a market capitalization of $362.4 million and an average trading volume of 0.5 million shares over the last three months [2] Valuation Comparison - HRTG shares are attractively valued compared to NMI Holdings (NMIH) but are considered expensive when compared to MGIC Investment Corporation (MTG) and Radian Group (RDN) [3] Stock Performance - HRTG shares have increased by 82.5% over the past three months, outperforming its industry, sector, and the Zacks S&P 500 composite during the same period [4] Technical Indicators - HRTG shares are trading well above the 50-day moving average, indicating a bullish trend [6] Analyst Sentiment - Positive sentiment is reflected as two analysts have raised earnings estimates for 2024 and 2025 by 33.1% and 26.7%, respectively, over the past 60 days [8] Growth Drivers - Key growth factors for HRTG include rate adequacy, selective underwriting, and limiting new business in over-concentrated markets. The company has ceased writing new personal lines policies in Florida and the Northeast due to declining profitability [9] - HRTG's excess and supply (E&S) business has shown strong performance in states like California, Florida, and South Carolina, with plans to explore growth opportunities in more states [11] Financial Management - HRTG has a solid reinsurance program to protect its balance sheet, especially against coastal risks. Improvements in this program and growing gross premiums are expected to lower the ceded premium ratio [12] - The company has suspended dividend payments to strengthen its financial position and is investing in technology and high-potential segments [12] Profitability Metrics - HRTG's return on equity in the trailing 12 months was 26.3%, significantly higher than the industry average of 8% [13] - The return on invested capital (ROIC) for HRTG was 17.2%, also above the industry average of 6.1%, indicating effective fund utilization [14] Investment Outlook - HRTG's focus on organic growth in its commercial and residential business, along with improvements in pricing and margins, positions it well for future growth. The company currently holds a Zacks Rank 1 (Strong Buy) [16][17]

Some investors prefer to target small-cap stocks, as their growth potential is undoubtedly hard to ignore. After all, don't we all dream of getting in early on the next big thing? Of course, it's critical for investors to realize the higher volatility nature of small-caps, as they are less liquid and more sensitive to monetary policy. For those interested in the idea, two small-caps – Heritage Insurance (HRTG) and EZCORP (EZPW) – sport favorable growth profiles paired with positive Zacks Ranks. Let's take a ...