Heritage Insurance (NYSE:HRTG) Trading Down 5.5% – Here’s Why

Heritage Insurance Holdings, Inc. (NYSE:HRTG) fell 5.5% during mid-day trading on Wednesday . The stock traded as low as $26.25 and last traded at $25.9840. 29,159 shares were traded during trading, a decline of 92% from the average session volume of 376,686 shares. The stock had previously closed at $27.50.

Analyst Ratings Changes

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

Heritage Insurance Trading Down 3.6%

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The stock has a 50-day simple moving average of $24.09 and a 200 day simple moving average of $25.87. The company has a market cap of $804.88 million, a price-to-earnings ratio of 4.07 and a beta of 0.88.

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

Insider Buying and Selling at Heritage Insurance

In related news, CEO Ernie J. Garateix sold 8,334 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $27.56, for a total transaction of $229,685.04. Following the completion of the sale, the chief executive officer owned 1,060,955 shares of the company’s stock, valued at approximately $29,239,919.80. This represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $26.58, for a total value of $244,536.00. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 35,934 shares of company stock worth $965,041. Corporate insiders own 9.20% of the company’s stock.

Institutional Trading of Heritage Insurance

Hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC purchased a new position in Heritage Insurance in the third quarter worth approximately $25,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of Heritage Insurance in the 4th quarter valued at approximately $31,000. Royal Bank of Canada grew its stake in shares of Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 497 shares in the last quarter. Optiver Holding B.V. increased 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 buying an additional 1,173 shares during the last quarter. Finally, Harbour Investments Inc. acquired a new stake in Heritage Insurance in the fourth quarter valued at $50,000. 59.03% of the stock is currently 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.