Heritage Insurance (NYSE:HRTG) Shares Gap Up – What’s Next?

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares gapped up before the market opened on Monday . The stock had previously closed at $26.28, but opened at $27.86. Heritage Insurance shares last traded at $28.59, with a volume of 8,968 shares.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on HRTG shares. Weiss Ratings downgraded Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Truist Financial dropped their price target on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Piper Sandler lifted their price target on 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 Heritage Insurance from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Wall Street Zen downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.50.

Heritage Insurance Trading Up 4.6%

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 stock has a market capitalization of $906.46 million, a PE ratio of 4.58 and a beta of 0.88. The business’s 50-day moving average is $24.75 and its two-hundred day moving average is $25.80.

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). Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%.The firm had revenue of $212.66 million for the quarter, compared to analysts’ expectations of $215.39 million. As a group, equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.33 earnings per share for the current year.

Insider Transactions at Heritage Insurance

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $26.58, for a total value of $244,536.00. Following the sale, the chief accounting officer owned 105,588 shares of the company’s stock, valued at approximately $2,806,529.04. The trade was a 8.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $23.56 per share, for a total transaction of $376,960.00. Following the acquisition, the director directly owned 103,126 shares in the company, valued at $2,429,648.56. This represents a 18.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,600 shares of company stock worth $735,356. Company insiders own 9.20% of the company’s stock.

Institutional Trading of Heritage Insurance

Several hedge funds have recently modified their holdings of the business. Optiver Holding B.V. grew its holdings 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. Bank of America Corp DE lifted its holdings in Heritage Insurance by 92.5% in the first quarter. Bank of America Corp DE now owns 194,689 shares of the insurance provider’s stock valued at $5,111,000 after acquiring an additional 93,548 shares during the period. Empowered Funds LLC lifted its holdings in Heritage Insurance by 6.5% in the first quarter. Empowered Funds LLC now owns 162,178 shares of the insurance provider’s stock valued at $4,257,000 after acquiring an additional 9,924 shares during the period. Quantinno Capital Management LP boosted its position in shares of Heritage Insurance by 26.7% during the 1st quarter. Quantinno Capital Management LP now owns 23,781 shares of the insurance provider’s stock worth $624,000 after purchasing an additional 5,015 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position 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 worth $5,740,000 after purchasing an additional 75,339 shares in the last quarter. 59.03% of the stock is 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.