Heritage Insurance (NYSE:HRTG) Share Price Passes Below 50 Day Moving Average – Here’s What Happened

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $24.47 and traded as low as $24.01. Heritage Insurance shares last traded at $25.04, with a volume of 401,622 shares.

Analyst Ratings Changes

HRTG has been the subject of several research analyst reports. Citigroup restated a “market perform” rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Wall Street Zen lowered Heritage Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Truist Financial dropped their price target on shares of Heritage Insurance from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Weiss Ratings downgraded shares of Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Finally, Zacks Research downgraded shares of Heritage Insurance from a “strong-buy” rating to a “strong sell” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $36.00.

Heritage Insurance Stock Performance

The stock has a market cap of $759.96 million, a price-to-earnings ratio of 3.84 and a beta of 0.91. The company’s 50-day simple moving average is $24.47 and its 200-day simple moving average is $26.09. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Thursday, May 7th. The insurance provider reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.34). The company had revenue of $212.66 million for the quarter, compared to analyst estimates of $215.39 million. Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. Analysts predict that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Timothy Moura sold 24,769 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $25.76, for a total transaction of $638,049.44. Following the completion of the sale, the insider directly owned 160,045 shares of the company’s stock, valued at $4,122,759.20. This represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 8,334 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $27.56, for a total value of $229,685.04. Following the completion of the transaction, the chief executive officer owned 1,060,955 shares of the company’s stock, valued at $29,239,919.80. This trade represents a 0.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 77,224 shares of company stock valued at $2,034,411 over the last ninety days. 9.20% of the stock is currently owned by company insiders.

Institutional Trading of Heritage Insurance

A number of hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after acquiring an additional 546 shares in the last quarter. Millennium Management LLC lifted its position in shares of Heritage Insurance by 39.8% in the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock valued at $4,657,000 after acquiring an additional 91,982 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Heritage Insurance by 8.4% in the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock valued at $1,800,000 after acquiring an additional 9,728 shares in the last quarter. Strs Ohio acquired a new position in Heritage Insurance in the 1st quarter worth approximately $127,000. Finally, JPMorgan Chase & Co. grew its position in Heritage Insurance by 1,078.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock worth $3,514,000 after purchasing an additional 128,927 shares in the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

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.