Heritage Insurance Posts 3Q EPS of $1.72
HRTG sits 70% above its 52-week low of $20.48.
Summary
Heritage Insurance reported third-quarter EPS of $1.72 on revenue of $219.2 million, with book value per share of $20.22. That follows a strong second quarter, when net income rose 28.5% to $61.7 million and EPS came in at $2.05, with the combined ratio improving to 64.9% on favorable reserve development and lower reinsurance costs. The headline gives no combined ratio or year-over-year comparison, so the quality of the beat versus the Q2 run rate is not yet clear. Watch the full release and any 10-Q for reserve development and catastrophe losses, which drove the prior quarter's results.
At the time of this announcement, HRTG was trading at $34.73 on NYSE in the Finance sector, with a market capitalization of approximately $1B. The 52-week trading range was $20.48 to $37.87. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.