Heritage Insurance price target raised to $5 from $3 at Truist

Truist analyst Mark Hughes raised the firm’s price target on Heritage Insurance to $5 from $3 and keeps a Buy rating on the shares. The firm believes Heritage should trade at book value, at the low end of the P&C group, which Truist feels is appropriate in light of the continuing volatility in the Florida market and the lack of visibility regarding reinsurance pricing, the analyst tells investors in a research note.