Heritage Insurance surges after Piper Sandler upgrades to 'overweight'

Heritage Insurance Holdings

09/08/2024 16:31

** Shares of Heritage Insurance  HRTG.N  climb 22% to hit
the $10 mark for the first time in over three months
    ** Piper Sandler upgrades stock to "overweight" from
"neutral" and raises PT to $13 from $9
    ** New PT marks a 59% upside to HRTG's last close 
    ** The Florida-based property and casualty insurer "appears
to be solidly profitable", brokerage says
    ** Years of hiking policy prices and recent moderation in
claims have strengthened HRTG - Piper Sandler
    ** Legislation in Florida has also helped reduce the
litigation that home insurers face from claimants, brokerage
says
    ** Adds that concerns over losses from hurricanes tend to
pressure valuations for Florida-focused insurers and present a
good time to buy
    ** YTD as of last close, stock has gained 25% while larger
rival Travelers  TRV.N  jumped 11%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))