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Heritage Insurance Holdings (HRTG)
NYSE:HRTG
Earnings Data
Report Date
Apr 30, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.45Last Year’s EPS
0.47Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Mar 11, 2025
|% Change Since: 24.16%
|Next Earnings Date:Apr 30, 2025
Earnings Call Sentiment|Positive
While the company faced significant challenges, including decreased fourth-quarter net income and increased loss ratios, the overall performance was strong with substantial annual net income growth, increased tangible book value, and resilience against catastrophes. Legislative changes in Florida and strategic growth in premiums further contribute to a positive outlook.Company Guidance
During the Heritage Insurance Holdings Fourth Quarter 2024 Earnings Conference Call, the company provided several key metrics and guidance for the year. For the full year 2024, Heritage reported a net income of $61.5 million or $2.01 per share, up from $45.3 million or $1.73 per share in 2023. The tangible book value per share grew by 30% to $9.50 by December 31, 2024, and the return on equity (ROE) was 24.1%. Despite $105 million in pretax losses from hurricanes, the company maintained profitability. In the fourth quarter, net income was $20.3 million, or $0.66 per share, although it decreased from the previous year's $30.9 million due to higher catastrophe losses. Gross premiums earned rose by 6.1% to $360.5 million, while net premiums earned increased by 12.2% to $199.3 million. The net loss ratio was 54.7%, and the net combined ratio was 89.7%. The company maintained $1.3 billion in reinsurance coverage in the southeast, $1.1 billion in the northeast, and $750 million in Hawaii. Looking ahead to 2025, Heritage anticipates rate increases will continue to provide a tailwind for growth, and the company expects approximately $35 million to $40 million in pretax net catastrophe losses for the first quarter from California wildfires.Significant Increase in Net Income for 2024
For the full year 2024, Heritage achieved net income of $61.5 million or $2.01 per share, a substantial increase from $45.3 million or $1.73 per share in 2023.
Strong Growth in Tangible Book Value
Tangible book value per share increased by 30% to $9.50 at the end of 2024 compared to the previous year.
Record ROE and Resilience Against Catastrophes
Despite $105 million pretax losses from hurricanes, the company maintained profitability with a notable ROE of 24.1%.
Increase in Gross and Net Premiums Earned
Gross premiums earned rose by 6.1% to $360.5 million, and net premiums earned increased by 12.2% to $199.3 million in the fourth quarter.
Positive Impact of Legislative Changes in Florida
Legislative changes led to a decrease in frivolous lawsuits, improving the economic environment for writing profitable business in Florida.
Strong Investment Income Growth
Net investment income increased by 27% to $8.5 million in the fourth quarter, reflecting strategic alignment with the yield curve.
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HRTG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HRTG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Mar 11, 2025 | $11.88 | $12.00 | +1.01% |
| Nov 06, 2024 | $11.29 | $11.60 | +2.75% |
| Aug 06, 2024 | $7.25 | $7.40 | +2.07% |
| May 01, 2024 | $10.29 | $7.97 | -22.55% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Heritage Insurance Holdings (HRTG) report earnings?
Heritage Insurance Holdings (HRTG) is schdueled to report earning on Apr 30, 2025, TBA Not Confirmed.
What is Heritage Insurance Holdings (HRTG) earnings time?
Heritage Insurance Holdings (HRTG) earnings time is at Apr 30, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HRTG EPS forecast?
HRTG EPS forecast for the fiscal quarter 2025 (Q1) is 0.45.
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