Heritage Insurance price target raised to $11 from $9 at Truist

Truist raised the firm’s price target on Heritage Insurance to $11 from $9 and keeps a Buy rating on the shares after its Q4 earnings beat. The company’s actions addressing rate adequacy over the past two years are now being reflected in the financial statements, the analyst tells investors in a research note. Heritage Insurance also touched on the company’s strategic reduction of its multi-state personal lines polices-in-force to manage reinsurance costs and improve the overall quality of the book as they focus on rate adequacy and selective geographic growth, the firm added.