Heritage Insurance downgraded to Market Perform at JMP Securities

JMP Securities analyst Matthew Carletti downgraded Heritage Insurance to Market Perform from Outperform without a price target. The shares have meaningfully surpassed the firm’s previous $7 price target and are now fairly valued, the analyst tells investors in a research note. The firm says that despite Heritage’s recent capital raise, its excess capital is limited, and therefore, its growth will be as well.