Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Update

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the target of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totaling 1,324,469 shares, a decrease of 17.8% from the December 15th total of 1,612,152 shares. Approximately 5.0% of the company’s shares are short sold. Based on an average trading volume of 253,022 shares, the days-to-cover ratio is presently 5.2 days. Based on an average trading volume of 253,022 shares, the days-to-cover ratio is presently 5.2 days. Approximately 5.0% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

HRTG has been the topic of several recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Truist Financial increased their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Finally, Zacks Research cut shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Heritage Insurance has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Heritage Insurance Price Performance

Shares of HRTG opened at $25.73 on Wednesday. The business’s fifty day moving average is $28.25 and its 200 day moving average is $25.12. Heritage Insurance has a 12-month low of $9.89 and a 12-month high of $31.98. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.18. The stock has a market cap of $795.34 million, a P/E ratio of 5.33 and a beta of 0.98.

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, topping the consensus estimate of $0.53 by $1.10. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. The firm had revenue of $212.46 million for the quarter, compared to the consensus estimate of $210.12 million. Sell-side analysts anticipate that Heritage Insurance will post 1.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Richard A. Widdicombe sold 50,000 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $29.40, for a total transaction of $1,470,000.00. Following the sale, the chairman owned 449,047 shares in the company, valued at $13,201,981.80. This represents a 10.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirk Lusk sold 8,331 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $28.21, for a total value of $235,017.51. Following the sale, the chief financial officer directly owned 550,425 shares of the company’s stock, valued at $15,527,489.25. This represents a 1.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 124,999 shares of company stock worth $3,528,374. Company insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds have recently added to or reduced their stakes in HRTG. Marshall Wace LLP grew its stake in shares of Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock worth $23,498,000 after acquiring an additional 349,168 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Heritage Insurance by 223.9% during the third quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider’s stock worth $11,635,000 after purchasing an additional 319,434 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Heritage Insurance by 290.8% during the second quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider’s stock worth $9,567,000 after purchasing an additional 285,425 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Heritage Insurance by 69.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after purchasing an additional 216,019 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Heritage Insurance by 33.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock valued at $16,180,000 after buying an additional 163,142 shares during the last quarter. Institutional investors and hedge funds own 59.03% of the company’s stock.

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.