Heritage Insurance (NYSE:HRTG) Reaches New 1-Year High – Here’s What Happened

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares hit a new 52-week high on Thursday . The stock traded as high as $30.75 and last traded at $29.7710, with a volume of 502073 shares trading hands. The stock had previously closed at $29.53.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HRTG. Wall Street Zen lowered Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Weiss Ratings raised shares of Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. Truist Financial boosted their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $32.50.

Heritage Insurance Trading Up 1.0%

The stock has a market cap of $962.57 million, a PE ratio of 6.45 and a beta of 0.95. The company’s fifty day moving average is $25.25 and its 200-day moving average is $23.51. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $1.10. The business had revenue of $212.46 million during the quarter, compared to analyst estimates of $210.12 million. Heritage Insurance had a return on equity of 41.44% and a net margin of 17.72%. On average, analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Activity at Heritage Insurance

In related news, CFO Kirk Lusk sold 19,929 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $24.18, for a total transaction of $481,883.22. Following the completion of the transaction, the chief financial officer owned 558,756 shares of the company’s stock, valued at approximately $13,510,720.08. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ernie J. Garateix sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $30.39, for a total value of $151,950.00. Following the completion of the sale, the chief executive officer owned 1,214,140 shares in the company, valued at $36,897,714.60. This represents a 0.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 337,668 shares of company stock valued at $8,590,091. 15.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Heritage Insurance by 8.7% in the third quarter. Vanguard Group Inc. now owns 1,646,731 shares of the insurance provider’s stock valued at $41,465,000 after buying an additional 132,271 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Heritage Insurance by 8.7% in the 3rd quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider’s stock worth $25,793,000 after buying an additional 82,190 shares in the last quarter. American Century Companies Inc. grew its stake in Heritage Insurance by 11.5% in the 3rd quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider’s stock valued at $22,371,000 after acquiring an additional 91,847 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Heritage Insurance by 33.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock worth $16,180,000 after acquiring an additional 163,142 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Heritage Insurance by 69.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock valued at $13,128,000 after purchasing an additional 216,019 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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.