Insider Buying: Heritage Insurance Holdings, Inc. (NYSE:HRTG) CEO Purchases $63,850.00 in Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CEO Ernie J. Garateix bought 5,000 shares of Heritage Insurance stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average cost of $12.77 per share, with a total value of $63,850.00. Following the acquisition, the chief executive officer now directly owns 1,270,808 shares in the company, valued at $16,228,218.16. This trade represents a 0.40 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Heritage Insurance Stock Performance

Shares of HRTG stock opened at $13.90 on Thursday. The company has a market capitalization of $426.35 million, a price-to-earnings ratio of 5.56 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. The company has a 50-day simple moving average of $11.70 and a 200 day simple moving average of $12.22. Heritage Insurance Holdings, Inc. has a 52 week low of $6.14 and a 52 week high of $16.90.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Tuesday, March 11th. The insurance provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.83. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The firm had revenue of $210.26 million for the quarter, compared to analyst estimates of $199.87 million. On average, sell-side analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

Heritage Insurance declared that its Board of Directors has initiated a share buyback program on Monday, December 9th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy up to 2.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in shares of Heritage Insurance by 14.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider’s stock worth $18,993,000 after purchasing an additional 193,590 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Heritage Insurance by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 1,328,135 shares of the insurance provider’s stock worth $16,070,000 after purchasing an additional 9,452 shares in the last quarter. Invesco Ltd. grew its position in shares of Heritage Insurance by 24.0% during the 4th quarter. Invesco Ltd. now owns 944,639 shares of the insurance provider’s stock worth $11,430,000 after purchasing an additional 182,624 shares in the last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of Heritage Insurance by 33.7% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 813,557 shares of the insurance provider’s stock worth $9,844,000 after purchasing an additional 205,195 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Heritage Insurance during the 4th quarter worth approximately $7,799,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a report on Tuesday.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.