Earnings ·
Heritage Insurance reports Q3 EPS of $1.72, up 5.5%, and announces new $50M buyback program
HRTGHeritage Insurance Holdings, Inc.
Heritage Insurance Holdings reported third-quarter net income of $51.1 million, or $1.72 per diluted share, a 5.5% increase from the prior-year quarter despite absorbing $15.8 million in pre-tax catastrophe losses. Total revenue rose 3.2% to $219.2 million, driven by higher net premiums earned and investment income. The company also announced that its Board of Directors established a new share repurchase program authorizing up to $50.0 million of common stock through December 31, 2027. Heritage Insurance Holdings operates as a super-regional property and casualty insurance holding company.