Heritage Insurance (NYSE:HRTG) Trading 4.9% Higher – Here’s What Happened

Heritage Insurance Holdings, Inc. (NYSE:HRTG) shares rose 4.9% on Monday . The stock traded as high as $35.00 and last traded at $35.5140. 100,788 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 367,543 shares. The stock had previously closed at $33.84.

Analysts Set New Price Targets

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

Heritage Insurance Stock Performance

The company has a market cap of $1.04 billion, a PE ratio of 5.00 and a beta of 0.89. The company has a 50-day moving average of $28.39 and a 200-day moving average of $26.58. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. The business 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%. As a group, analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current year.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, insider Timothy E. Johns sold 3,500 shares of Heritage Insurance stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.68, for a total transaction of $117,880.00. Following the transaction, the insider owned 25,438 shares of the company’s stock, valued at $856,751.84. This trade represents a 12.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 15,104 shares of Heritage Insurance stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $32.49, for a total transaction of $490,728.96. Following the transaction, the insider directly owned 144,941 shares in the company, valued at approximately $4,709,133.09. This represents a 9.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 61,204 shares of company stock valued at $1,866,683 in the last quarter. 9.20% of the stock is owned by company insiders.

Institutional Trading of Heritage Insurance

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Heritage Insurance by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock worth $55,039,000 after acquiring an additional 234,296 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Heritage Insurance by 52.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider’s stock worth $5,740,000 after acquiring an additional 75,339 shares during the last quarter. Denali Advisors LLC bought a new stake in Heritage Insurance in the 4th quarter valued at about $2,490,000. Y Intercept Hong Kong Ltd bought a new stake in Heritage Insurance in the 1st quarter valued at about $2,212,000. Finally, Inspire Investing LLC purchased a new stake in Heritage Insurance during the first quarter valued at about $1,547,000. 59.03% of the stock is currently 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.