Heritage Insurance (US:HRTG) ZACKSยท2024-08-07 00:31Core Insights - Heritage Insurance reported revenue of $203.57 million for the quarter ended June 2024, marking a 9.9% increase year-over-year and exceeding the Zacks Consensus Estimate of $196.81 million by 3.44% [1] - The company's EPS was $0.61, significantly higher than the $0.32 reported in the same quarter last year, and surpassed the consensus estimate of $0.38 by 60.53% [1] Financial Metrics - Ceded Premium Ratio was 45.6%, better than the average estimate of 47.3% from two analysts [3] - Combined Ratio stood at 92.5%, outperforming the average estimate of 96.5% from two analysts [4] - Expense Ratio was 36.8%, slightly above the average estimate of 36.5% from two analysts [5] - Loss Ratio was 55.7%, lower than the average estimate of 60% from two analysts [6] - Net investment income was $9.77 million, exceeding the estimated $8.50 million by analysts, representing a 48% increase compared to the previous year [7] - Net premiums earned were $190.32 million, surpassing the estimated $184.94 million, reflecting a 7.6% increase year-over-year [8] - Other revenue was $3.47 million, slightly above the estimated $3.38 million, showing a minor decrease of 0.1% compared to the previous year [9] Stock Performance - Heritage Insurance shares have returned +8.1% over the past month, contrasting with the Zacks S&P 500 composite's -6.7% change [9] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [9]