Sharon Binnun Sells 9,200 Shares of Heritage Insurance (NYSE:HRTG) Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction on Friday, May 1st. The stock was sold at an average price of $28.99, for a total transaction of $266,708.00. Following the sale, the chief accounting officer directly owned 123,988 shares of the company’s stock, valued at $3,594,412.12. This represents a 6.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sharon Binnun also recently made the following trade(s):

• On Wednesday, April 1st, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The stock was sold at an average price of $25.72, for a total transaction of $236,624.00.
• On Tuesday, March 17th, Sharon Binnun sold 7,893 shares of Heritage Insurance stock. The stock was sold at an average price of $28.35, for a total transaction of $223,766.55.

Heritage Insurance Trading Up 2.0%

NYSE:HRTG traded up $0.58 during trading hours on Tuesday, reaching $29.01. The company’s stock had a trading volume of 255,184 shares, compared to its average volume of 311,704. The firm has a market capitalization of $891.12 million, a price-to-earnings ratio of 4.59 and a beta of 1.03. The firm has a 50-day simple moving average of $27.16 and a 200-day simple moving average of $26.97. Heritage Insurance Holdings, Inc. has a 1 year low of $16.83 and a 1 year high of $31.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.83 and a current ratio of 0.83.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Monday, March 9th. The insurance provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.54. The company had revenue of $215.32 million for the quarter, compared to analysts’ expectations of $212.60 million. Heritage Insurance had a net margin of 23.08% and a return on equity of 47.28%. Research analysts expect that Heritage Insurance Holdings, Inc. will post 4.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds have recently modified their holdings of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Heritage Insurance by 23.1% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,264 shares of the insurance provider’s stock valued at $296,000 after acquiring an additional 2,113 shares during the period. Bleakley Financial Group LLC purchased a new position in shares of Heritage Insurance in the first quarter valued at about $295,000. Moran Wealth Management LLC purchased a new position in shares of Heritage Insurance in the first quarter valued at about $289,000. Counterpoint Mutual Funds LLC increased its position in shares of Heritage Insurance by 35.9% in the first quarter. Counterpoint Mutual Funds LLC now owns 11,854 shares of the insurance provider’s stock valued at $311,000 after acquiring an additional 3,133 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Heritage Insurance in the first quarter valued at about $2,212,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on HRTG. Truist Financial lifted their target price on shares of Heritage Insurance from $37.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research report on Friday, March 27th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 11th. Finally, Citigroup reiterated a “market perform” rating on shares of Heritage Insurance in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $33.50.

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.