Heritage Insurance (HRTG) Tops Q2 EPS by 13c
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Heritage Insurance (NYSE: HRTG) reported Q2 EPS of $0.15, $0.13 better than the analyst estimate of $0.02.
- Net income for the quarter was $4.1 million, or $0.15 per diluted share.
- Book value per share increased to $16.67, up 11.2% from June 30, 2019 and 6.4% (12.9% annualized growth rate) from year-end 2019.
- Gross premiums written of $290.4 million, up 14.0% year-over-year.
- Favorable prior year reserve development of $5.0 million, representing the eighth consecutive quarter of favorable prior year reserve development.
- Net current accident quarter weather losses of $26.8 million, including $17.6 million of net current accident quarter catastrophe losses. In the prior year quarter, net current accident quarter weather losses were $21.5 million, including catastrophe losses of $13.4 million.
- Repurchased 163,456 shares for $2.0 million at an average price of $12.31 per share, 26.2% below second quarter 2020 book value per share. Total capital returned to shareholders of $3.7 million, including $0.06 per share regular quarterly dividend.
- Began writing homeowners insurance in Mississippi.
For earnings history and earnings-related data on Heritage Insurance (HRTG) click here.
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