Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Down 26.8% in October

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totaling 1,200,000 shares, a drop of 26.8% from the September 30th total of 1,640,000 shares. Based on an average daily trading volume, of 501,200 shares, the short-interest ratio is presently 2.4 days. Currently, 4.9% of the company’s shares are sold short. Currently, 4.9% of the company’s shares are sold short. Based on an average daily trading volume, of 501,200 shares, the short-interest ratio is presently 2.4 days.

Analysts Set New Price Targets

Several research analysts recently commented on HRTG shares. Weiss Ratings raised Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. Wall Street Zen lowered shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, Truist Financial upped their target price on Heritage Insurance from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.

Insider Activity

In other Heritage Insurance news, CEO Ernie J. Garateix sold 25,000 shares of Heritage Insurance stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $24.61, for a total value of $615,250.00. Following the transaction, the chief executive officer owned 1,245,808 shares of the company’s stock, valued at approximately $30,659,334.88. The trade was a 1.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Sharon Binnun sold 21,000 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $24.47, for a total transaction of $513,870.00. Following the completion of the transaction, the chief accounting officer directly owned 176,006 shares of the company’s stock, valued at approximately $4,306,866.82. The trade was a 10.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 302,668 shares of company stock valued at $7,663,554. 14.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Heritage Insurance

Hedge funds have recently modified their holdings of the business. Marshall Wace LLP grew its position in shares of Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock valued at $23,498,000 after buying an additional 349,168 shares during the last quarter. American Century Companies Inc. increased its position in Heritage Insurance by 17.7% during the 2nd quarter. American Century Companies Inc. now owns 796,605 shares of the insurance provider’s stock valued at $19,867,000 after purchasing an additional 119,791 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Heritage Insurance by 33.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock valued at $16,180,000 after purchasing an additional 163,142 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Heritage Insurance by 69.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock valued at $13,128,000 after purchasing an additional 216,019 shares during the period. Finally, Geode Capital Management LLC increased its position in Heritage Insurance by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 517,803 shares of the insurance provider’s stock valued at $12,917,000 after purchasing an additional 8,112 shares during the period. Institutional investors and hedge funds own 59.03% of the company’s stock.

Heritage Insurance Price Performance

Shares of NYSE HRTG traded up $0.58 during midday trading on Tuesday, reaching $23.81. 31,732 shares of the company were exchanged, compared to its average volume of 393,101. The stock’s 50-day moving average price is $24.28 and its 200-day moving average price is $22.97. The stock has a market cap of $738.59 million, a P/E ratio of 6.86 and a beta of 0.95. Heritage Insurance has a one year low of $9.88 and a one year high of $29.10. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.52. The business had revenue of $208.04 million during the quarter, compared to analyst estimates of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. On average, sell-side analysts anticipate that Heritage Insurance will post 1.86 earnings per share for the current fiscal year.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.