Heritage Insurance (NYSE:HRTG) Stock Price Down 3.5% – Here’s Why

Heritage Insurance Holdings, Inc. (NYSE:HRTG) fell 3.5% during trading on Friday . The company traded as low as $28.19 and last traded at $28.23. 8,935 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 278,433 shares. The stock had previously closed at $29.26.

Wall Street Analyst Weigh In

HRTG has been the subject of several recent analyst reports. Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday. Finally, Truist Financial boosted their price target on Heritage Insurance from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $32.50.

Heritage Insurance Trading Down 8.5%

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.18. The stock has a 50 day simple moving average of $27.97 and a 200-day simple moving average of $24.78. The firm has a market capitalization of $827.31 million, a P/E ratio of 5.54 and a beta of 0.98.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Wednesday, November 5th. The insurance provider reported $1.63 EPS for the quarter, beating the consensus estimate of $0.53 by $1.10. Heritage Insurance had a return on equity of 41.44% and a net margin of 17.72%.The business had revenue of $212.46 million for the quarter, compared to the consensus estimate of $210.12 million. On average, equities research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Insider Transactions at Heritage Insurance

In related news, CEO Ernie J. Garateix sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $29.10, for a total transaction of $291,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,219,140 shares of the company’s stock, valued at approximately $35,476,974. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Widdicombe sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $27.26, for a total value of $2,726,000.00. Following the sale, the chairman directly owned 499,047 shares in the company, valued at $13,604,021.22. This trade represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 233,333 shares of company stock valued at $6,446,139. 15.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in shares of Heritage Insurance by 8.6% during the first quarter. AQR Capital Management LLC now owns 509,080 shares of the insurance provider’s stock valued at $7,341,000 after purchasing an additional 40,220 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Heritage Insurance by 69.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after purchasing an additional 216,019 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Heritage Insurance during the 1st quarter worth $751,000. Russell Investments Group Ltd. raised its position in Heritage Insurance by 829.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 125,828 shares of the insurance provider’s stock valued at $3,138,000 after purchasing an additional 112,288 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Heritage Insurance by 290.8% during the 2nd quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider’s stock worth $9,567,000 after buying an additional 285,425 shares in the last quarter. Institutional investors own 59.03% of the company’s stock.

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.