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HRTG

Heritage Insurance

$12.73

-0.47 (-3.56%)

16:32
10/10/16
10/10
16:32
10/10/16
16:32

Heritage Insurance sees losses from Hurricane Matthew under $100M

Heritage Insurance announced that its subsidiary, Heritage Property & Casualty Company is working diligently to adjust and pay claims of its insureds that were impacted by Hurricane Matthew. Bruce Lucas, Chairman and CEO of Heritage said, "Our claims support and mitigation teams continue their tireless efforts to reach policyholders and provide assistance during this difficult time. While the impact of Hurricane Matthew could have been much worse for our Company and the insurance industry as a whole, we have a lot work to do. Our focus now is on restoring normalcy to our insured property owners afflicted with damage from the storm." "While we continue to see claims coming in from Hurricane Matthew, our Company's current modeled loss guidance is considerably below our initial loss projections from the storm. We now anticipate estimated losses from Hurricane Matthew to be under $100 million, of which $40 million will be retained by the Company, well within our $1.9 billion reinsurance tower. The fact that we are able to withstand two hurricanes in one year with relatively minor anticipated impacts to our reinsurance tower speaks volumes to the strength of our reinsurance program and surplus in our insurance company," said Bruce Lucas.

HRTG Heritage Insurance
$12.73

-0.47 (-3.56%)

10/20/15
10/20/15
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aimco (AIV) upgraded to Strong Buy at Raymond James... Boston Beer (SAM) upgraded to Neutral from Sell at Goldman... CNOOC (CEO) upgraded to Overweight from Equal Weight at Barclays... Deutsche Telekom (DTEGY) upgraded to Conviction Buy from Neutral at Goldman... Etsy (ETSY) upgraded to Neutral from Underperform at Wedbush... Genuine Parts (GPC) upgraded to Buy from Hold at Gabelli... GlaxoSmithKline (GSK) upgraded to Neutral from Underperform at Credit Suisse... HCI Group (HCI) upgraded to Outperform from Market Perform at JMP Securities... Heritage Insurance (HRTG) upgraded to Outperform from Market Perform at JMP Securities... LVMH (LVMUY) upgraded to Buy from Neutral at Nomura... Mid-America Apartment (MAA) upgraded to Outperform at Raymond James... Mizuho Financial Group (MFG) upgraded to Overweight from Equal Weight at Barclays... Och-Ziff Capital (OZM) upgraded to Buy from Neutral at Compass Point... PetroChina (PTR) upgraded to Overweight from Equal Weight at Barclays... Pfizer (PFE) upgraded to Outperform from Market Perform at Cowen... Randgold (GOLD) upgraded to Buy from Hold at Deutsche Bank... Rice Energy (RICE) upgraded to Outperform from Sector Perform at RBC Capital... Rogers Communications (RCI) upgraded to Outperform from Neutral at Macquarie... Select Medical (SEM) upgraded on valuation at JMP Securities... Shaw Communications (SJR) upgraded to Outperform from Neutral at Macquarie... Synchrony (SYF) upgraded to Buy from Neutral at Nomura... Tallgrass Energy GP (TEGP) upgraded to Outperform from Neutral at Baird... Targa Resources Partners (NGLS) upgraded to Outperform from Neutral at Baird... The Fresh Market (TFM) upgraded to Neutral from Underperform at Credit Suisse... Weight Watchers (WTW) upgraded to Equal Weight from Underweight at Barclays.
03/04/16
SDLR
03/04/16
DOWNGRADE
Target $19
SDLR
Hold
Heritage Insurance downgraded to Hold from Buy at Sandler O'Neill
Sandler O'Neill analyst John Barnidge downgraded Heritage Insurance to Hold with a $19 price target. The company's Q1 is expected to be its highest loss ratio while property pricing has been declining amid the lack of hurricane activity, Barnidge tells investors in a research note.
03/04/16
JMPS
03/04/16
NO CHANGE
JMPS
Heritage Insurance weakness overdone, says JMP Securities
After Heritage fell 10% following its better than expected Q4 results, JMP Securities believes that the company's growth outlook is positive, while its EPS and book value should both rise significantly going forward. JMP says that the company's acquisition of wind-only insurer Zephyr will be accretive, and JMP notes that the company has expanded into several new markets. JMP keeps a $25 price target and Outperform rating on the shares.
09/23/16
SDLR
09/23/16
UPGRADE
Target $16
SDLR
Buy
Heritage Insurance upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill analyst John Barnidge upgraded Heritage Insurance to Buy with the majority of hurricane season now passed. The shares at current levels are not appropriately valuing the company's "solidly mid-teens return-on-equity profile," Barnidge tells investors in a research note. He raised his price target for Heritage to $16 from $15.

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