Heritage Insurance (HRTG) Misses Q1 EPS by 29c; Adds $50M to Stock Buyback Plan
Heritage Insurance (NYSE: HRTG) reported Q1 EPS of $0.24, $0.29 worse than the analyst estimate of $0.53. Revenue for the quarter came in at $111.57 million versus the consensus estimate of $104.44 million.
The Company also announced that its Board of Directors has increased the Company's share repurchase authorization by $50 million with a repurchase period through December 31, 2017. After giving effect to this increase, the Company's remaining repurchase authorization is approximately $60 million. The Company repurchased 612,300 shares for a total of $9.6 million in the first quarter of 2016.
Repurchases may be made from time to time in the open market, or through privately negotiated transactions, block transactions, or other techniques, as determined by the Company's management and in accordance with prevailing market conditions and the requirements of the Securities and Exchange Commission. The Company is not obligated to acquire a particular number of shares, and the program may be discontinued at any time at the Company's discretion.
For earnings history and earnings-related data on Heritage Insurance (HRTG) click here.