Heritage Insurance (NYSE:HRTG) Shares Gap Up – Still a Buy?

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) gapped up prior to trading 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 traded.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Weiss Ratings downgraded shares of Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Piper Sandler raised their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Zacks Research raised shares of Heritage Insurance from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Wall Street Zen downgraded Heritage Insurance from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Truist Financial reduced their target price on Heritage Insurance from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.50.

Heritage Insurance Trading Up 2.4%

The stock has a 50-day moving average of $24.53 and a 200 day moving average of $25.76. The stock has a market cap of $864.22 million, a PE ratio of 4.37 and a beta of 0.88. 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 posted its quarterly earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share (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 business had revenue of $212.66 million for the quarter, compared to analysts’ expectations of $215.39 million. As a group, sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.33 earnings per share for the current year.

Insider Buying and Selling at Heritage Insurance

In related news, Director Paul L. Whiting purchased 16,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $23.56 per share, with a total value of $376,960.00. Following the transaction, the director owned 103,126 shares of the company’s stock, valued at approximately $2,429,648.56. This trade represents a 18.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction dated 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 directly owned 105,588 shares in the company, valued at $2,806,529.04. This represents a 8.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 27,600 shares of company stock valued at $735,356. 9.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Heritage Insurance

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Optiver Holding B.V. lifted its holdings in Heritage Insurance by 510.0% in the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 1,173 shares during the period. Bank of America Corp DE grew its stake in shares of Heritage Insurance by 92.5% during the 1st quarter. Bank of America Corp DE now owns 194,689 shares of the insurance provider’s stock worth $5,111,000 after purchasing an additional 93,548 shares during the period. Empowered Funds LLC grew its stake in shares of Heritage Insurance by 6.5% during the 1st quarter. Empowered Funds LLC now owns 162,178 shares of the insurance provider’s stock worth $4,257,000 after purchasing an additional 9,924 shares during the period. Quantinno Capital Management LP increased its holdings 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 valued at $624,000 after purchasing an additional 5,015 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings 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 valued at $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.

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.