Heritage Insurance (NYSE:HRTG) CEO Sells 2,500 Shares of Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CEO Ernie Garateix sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $35.10, for a total transaction of $87,750.00. Following the transaction, the chief executive officer directly owned 1,038,455 shares of the company’s stock, valued at approximately $36,449,770.50. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Heritage Insurance Price Performance

Shares of Heritage Insurance stock traded up $0.45 during trading on Tuesday, hitting $34.40. 239,466 shares of the company were exchanged, compared to its average volume of 361,766. Heritage Insurance Holdings, Inc. has a fifty-two week low of $20.48 and a fifty-two week high of $36.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average price of $30.58 and a 200 day moving average price of $27.25. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 4.90 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.80. The firm had revenue of $214.19 million for the quarter, compared to analysts’ expectations of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, equities analysts expect that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on HRTG shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Piper Sandler raised their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th. Finally, Truist Financial boosted their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $36.50.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Heritage Insurance by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock worth $55,039,000 after buying an additional 234,296 shares during the period. BlackRock Inc. purchased a new stake in Heritage Insurance in the 2nd quarter valued at about $60,842,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Heritage Insurance by 52.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider’s stock valued at $5,740,000 after acquiring an additional 75,339 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Heritage Insurance during the 2nd quarter valued at about $2,872,000. Finally, Empowered Funds LLC purchased a new position in shares of Heritage Insurance during the 2nd quarter worth about $4,230,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Company Profile

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.