Heritage Announces $25 Million Share Repurchase Authorization
Heritage Insurance Holdings (HRTG) has announced a stock repurchase plan authorized by its Board of Directors, allowing for the repurchase of up to $25 million of its outstanding shares through December 31, 2023. This initiative aims to enhance shareholder value amid the company's operations, which generate approximately $1.2 billion in gross residential premiums across multiple states. The timing and number of shares repurchased will depend on market conditions and the company's financial performance.
- Authorization of a $25 million stock repurchase plan to enhance shareholder value.
- Strong operational performance with $1.2 billion in gross premiums, indicating business stability.
- Future repurchases depend on market conditions and stock performance, indicating potential volatility.
- Risks associated with the stock repurchase plan may impact financial performance.
TAMPA, Fla., Jan. 3, 2022 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that its Board of Directors has authorized the repurchase of up to
Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com.
About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include statements regarding the Company's new stock repurchase plan. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, the matters described from time to time by the Company in its filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 9, 2021. With respect to the repurchases under the Company's new stock repurchase plan, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company's common stock, which may be positively or negatively impacted by the repurchase plan, market and business conditions, the availability of stock, the Company's financial performance or determinations following the date of this announcement in order to use the Company's funds for other purposes. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.
Investor Contact:
Arash Soleimani, CFA, CPA
Executive Vice President
727.871.0206
asoleimani@heritagepci.com
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SOURCE Heritage Insurance Holdings, Inc.
FAQ
What is the purpose of Heritage Insurance's $25 million share repurchase authorization?
When does the stock repurchase plan for Heritage Insurance expire?
How much will Heritage Insurance spend on the stock repurchase?
What factors could affect the timing of the stock repurchases by Heritage Insurance?
