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HRTG Stock Analysis: Top Small-Cap Hold (Score 59.7/100) | Blank Capital Research | Blank Capital Research
HRTG
Heritage Insurance Holdings, Inc.
$26.16
-0.90 (-3.33%)
Score59.7
Data as of Apr 6, 2026
HRTG
Heritage Insurance Holdings, Inc.
FinancialsInsurance
$26.16
-0.90 (-3.33%)
Open $26.93High $26.93Low $25.94Prev $27.06Vol ---52W: $13.28 – $31.98
Catalyst IntelligenceBearish Factor
Downward pressure identified in HRTG. The 3.3% decline correlates with broader sector weakness.
Hold
Composite score
01234567890123456789.0123456789
Global rank
#313
Percentile
Top 7%
Business quality
76th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
HRTG: The Multistate Expansion of a Florida Insurer
Blank Capital Research Team
•
Executive Summary
Heritage Insurance Holdings, Inc. (HRTG) is a property and casualty insurer that has successfully diversified its footprint from its Florida roots into 15 other states across the Eastern United States.
Investment Thesis
Heritage is a diversification story. Recognizing the inherent risks of the Florida market, management has spent the last five years aggressively expanding into states like New York, New Jersey, and Massachusetts. This geographic spread significantly lowers the company's exposure to any single weather event. While recent earnings were pressured by elevated catastrophe costs, the underlying book of business is stronger than ever. As rate increases catch up with inflation and the company harvests synergies from its expanded footprint, we expect a rapid recovery in profitability.
Key Growth Drivers
Geographic Risk Mitigation
By reducing its proportional exposure to Florida, HRTG has created a more stable and predictable earnings profile that is less dependent on any single hurricane season.
Rate Adequacy Realization
Aggressive rate hikes across their entire multistate portfolio are beginning to earn into the book, which will drive significant margin expansion over the next 18-24 months.
Disciplined Underwriting
Management has shown a willingness to shed unprofitable policies and pull back from high-risk zones, prioritizing underwriting excellence over raw growth.
Valuation & Financial Modeling
HRTG trades at a significant discount to its tangible book value. The market is still treating it like a pure-play Florida insurer. As their diversified earnings become more apparent, we expect the stock to re-rate closer to its peer average book value.
Risk Factors & Bear Case
Despite diversification, catastrophic weather events (hurricanes, Nor'easters) remain the primary risk. Additionally, the rising cost of reinsurance is a persistent headwind that must be offset by higher consumer premiums.
Conclusion
Heritage Insurance is a misunderstood turnaround play. For investors seeking a discounted entry into a diversified P&C carrier, HRTG represents a compelling value opportunity. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 75.9GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
29.5%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Heritage Insurance Holdings, Inc. (HRTG) receives a "Hold" rating with a composite score of 59.7/100, ranked #313 out of 4446 stocks. Key factor scores: Quality 76/100, Value 80/100, Momentum 56/100. This is quantitative analysis only — not investment advice.
Heritage Insurance Holdings, Inc. (HRTG) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Heritage Insurance Holdings, Inc. Do?
Heritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners, and rental property insurance in the states of 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, and emergency and recovery services; and property management, and reinsurance services. The company writes personal line policies through a network of retail independent agents, wholesale agents, and a partnership with a direct agency, as well as indirectly to approximately 1,500 retail locations through eight wholesale agency relationships; and personal and commercial insurance policies through a network of approximately 70 independent agencies. Heritage Insurance Holdings, Inc. was founded in 2012 and is headquartered in Tampa, Florida. Heritage Insurance Holdings, Inc. (HRTG) is classified as a small-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Ernesto J. Garateix and employs approximately 650 people, headquartered in CLEARWATER, Florida. With a market capitalization of $774M, HRTG is one of the notable companies in the Financials sector.
Heritage Insurance Holdings, Inc. (HRTG) Stock Rating — Hold (April 2026)
As of April 2026, Heritage Insurance Holdings, Inc. receives a Hold rating with a composite score of 59.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.HRTG ranks #313 out of 4,446 stocks in our coverage universe. Within the Financials sector, Heritage Insurance Holdings, Inc. ranks #112 of 891 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
HRTG Stock Price and 52-Week Range
Heritage Insurance Holdings, Inc. (HRTG) currently trades at $26.16. The stock lost $0.90 (3.3%) in the most recent trading session. The 52-week high for HRTG is $31.98, which means the stock is currently trading -18.2% from its annual peak. The 52-week low is $13.28, putting the stock 97.1% above its annual trough. Recent trading volume was 209K shares, suggesting relatively thin trading activity.
Is HRTG Overvalued or Undervalued? — Valuation Analysis
Heritage Insurance Holdings, Inc. (HRTG) carries a value factor score of 80/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 5.48x, compared to the Financials sector average of 14.88x — a discount of 63%. The price-to-book ratio stands at 1.62x, versus the sector average of 1.22x. The price-to-sales ratio is 0.97x, compared to 0.90x for the average Financials stock. On an enterprise value basis, HRTG trades at 4.10x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, Heritage Insurance Holdings, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Heritage Insurance Holdings, Inc. Profitability — ROE, Margins, and Quality Score
Heritage Insurance Holdings, Inc. (HRTG) earns a quality factor score of 76/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 29.5%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 6.8% versus the sector average of 1.2%.
On a margin basis, Heritage Insurance Holdings, Inc. reports gross margins of 0.0%. The operating margin is 28.1% (sector: 21.8%). Net profit margin stands at 17.7%, versus 17.7% for the average Financials stock. Revenue growth is running at 0.3% on a trailing basis, compared to 9.4% for the sector. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.
HRTG Debt, Balance Sheet, and Financial Health
Heritage Insurance Holdings, Inc. has a debt-to-equity ratio of 16.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.30x, suggesting adequate working capital coverage. Total debt on the balance sheet is $78M. Cash and equivalents stand at $560M.
HRTG has a beta of 0.29, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Heritage Insurance Holdings, Inc. is 62/100, reflecting average volatility within the normal range for its sector.
Heritage Insurance Holdings, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Heritage Insurance Holdings, Inc. reported revenue of $840M and earnings per share (EPS) of $6.33. Net income for the quarter was $149M. Gross margin was 0.0%. Operating income came in at $177M.
In FY 2025, Heritage Insurance Holdings, Inc. reported revenue of $847M and earnings per share (EPS) of $6.33. Net income for the quarter was $196M. Operating income came in at $267M.
In Q3 2025, Heritage Insurance Holdings, Inc. reported revenue of $212M and earnings per share (EPS) of $1.63. Net income for the quarter was $50M. Operating income came in at $70M.
In Q3YTD 2025, Heritage Insurance Holdings, Inc. reported revenue of $626M. Net income for the quarter was $129M.
Over the past 8 quarters, Heritage Insurance Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $832M to $840M. Investors analyzing HRTG stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
HRTG Dividend Yield and Income Analysis
Heritage Insurance Holdings, Inc. (HRTG) does not currently pay a dividend. This is common among smaller companies in the Insurance industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
HRTG Momentum and Technical Analysis Profile
Heritage Insurance Holdings, Inc. (HRTG) has a momentum factor score of 56/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 33/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
HRTG vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing HRTG against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full HRTG vs S&P 500 (SPY) comparison to assess how Heritage Insurance Holdings, Inc. stacks up against the broader market across all factor dimensions.
HRTG Next Earnings Date
No upcoming earnings date has been announced for Heritage Insurance Holdings, Inc. (HRTG) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy HRTG? — Investment Thesis Summary
Heritage Insurance Holdings, Inc. presents a balanced picture with arguments on both sides. The quality score of 76/100 indicates above-average profitability and business fundamentals. The value score of 80/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 62/100) reduces downside risk.
In summary, Heritage Insurance Holdings, Inc. (HRTG) earns a Hold rating with a composite score of 59.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on HRTG stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
0.3%
Sector: 9.4%
-97% VS SCTR
Gross Margin
Core pricing power
0.0%
Sector: 0.0%
-NaN% VS SCTR
Operating Margin
Operating efficiency
28.1%
Sector: 21.8%
+29% VS SCTR
Net Margin
Bottom-line conversion
17.7%
Sector: 17.7%
IN LINE
Return on Equity
Equity capital efficiency
29.5%
Sector: 8.5%
+246% VS SCTR
Return on Assets
Asset base utilization
6.8%
Sector: 1.2%
+453% VS SCTR
Debt/Equity
Financial leverage load
16.0%
Sector: 121.0%
+87% VS SCTR
Dividend Yield
Direct cash return
0.0%
Sector: 2.5%
-100% VS SCTR
+33%
Price / Sales
1.0x
+8%
Heritage Insurance Holdings, Inc. exhibits a 1% valuation premium relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
6.8%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
28.1%
Sector: 21.8%
Net Margin
Bottom-line profitability
17.7%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.