Heritage Insurance Shares Jump 15% After Encouraging Quarterly Results

(RTTNews) - Shares of Heritage Insurance Holdings, Inc. (HRTG) are rallying more than 15 percent Tuesday morning after reporting upbeat quarterly results.

Net income for the fourth quarter more than doubled to $30.9 million or $1.15 per share from $12.5 million or $0.48 per share in the same quarter a year ago, mainly attributable to the positive impact of rate actions, underwriting actions, and exposure management.

Net premiums earned were $177.7 million, up 6.9 percent from $166.2 million in the prior year quarter.

Revenue for the quarter rose to $186.97 million from $174.59 million last year.

HRTG, currently at $8.25, has traded in the range of $2.76 - $9.79 in the last 1 year.