Heritage Insurance (NYSE:HRTG) Shares Down 6.5% – Should You Sell?

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares were down 6.5% on Friday . The stock traded as low as $33.22 and last traded at $32.9160. 42,279 shares were traded during trading, a decline of 89% from the average daily volume of 372,387 shares. The stock had previously closed at $35.21.

Analysts Set New Price Targets

Several analysts have commented on the stock. Piper Sandler boosted their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Zacks Research upgraded shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Truist Financial lifted their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday. Weiss Ratings cut shares of Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Finally, Wall Street Zen downgraded shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

Heritage Insurance Price Performance

The stock has a 50 day moving average of $25.84 and a two-hundred day moving average of $26.01. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $984.86 million, a P/E ratio of 4.62 and a beta of 0.89.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.25 by $0.80. Heritage Insurance had a return on equity of 44.15% and a net margin of 25.19%.The company had revenue of $214.19 million for the quarter, compared to the consensus estimate of $212.71 million. Sell-side analysts predict that Heritage Insurance Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total transaction of $276,276.00. Following the completion of the sale, the chief accounting officer directly owned 96,388 shares in the company, valued at $2,894,531.64. This represents a 8.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting acquired 16,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $23.56 per share, for a total transaction of $376,960.00. Following the completion of the purchase, the director directly owned 103,126 shares of the company’s stock, valued at $2,429,648.56. This trade represents a 18.36% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 27,600 shares of company stock worth $744,924 over the last quarter. 9.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new position in shares of Heritage Insurance during the third quarter worth approximately $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Heritage Insurance in the fourth quarter worth $31,000. Royal Bank of Canada increased its position in Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares during the period. Optiver Holding B.V. increased its position in Heritage Insurance by 510.0% during the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 1,173 shares during the period. Finally, Harbour Investments Inc. acquired a new position in Heritage Insurance during the 4th quarter valued at $50,000. 59.03% of the stock is owned by institutional investors.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.