Capital DestructionFrom year-end 2019 through year-end 2022, Heritage's book value declined by 67%, indicating significant capital destruction in recent years.
Growth ConstraintsDespite recent capital raise, excess capital is limited, thus constraining the potential for growth in Heritage Insurance Holdings.
Stock ValuationShares of Heritage Insurance Holdings have meaningfully surpassed the previous price target, now viewed as fairly valued, prompting a downgrade to Market Perform.