Heritage Insurance (NYSE:HRTG) Shares Down 3.6% – What’s Next?

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s stock price dropped 3.6% on Tuesday . The company traded as low as $24.33 and last traded at $24.43. Approximately 303,708 shares were traded during trading, a decline of 23% from the average daily volume of 395,272 shares. The stock had previously closed at $25.35.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on HRTG shares. StockNews.com raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Piper Sandler upped their price objective on Heritage Insurance from $19.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Finally, Truist Financial lifted their target price on Heritage Insurance from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, May 8th.

Heritage Insurance Stock Down 2.9%

The company’s 50 day simple moving average is $17.82 and its 200-day simple moving average is $13.89. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. The firm has a market cap of $762.74 million, a P/E ratio of 9.84 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.53. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The company had revenue of $211.52 million for the quarter, compared to the consensus estimate of $213.68 million. Research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Panagiotis Apostolou sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $25.40, for a total transaction of $635,000.00. Following the completion of the sale, the director now directly owns 164,719 shares in the company, valued at approximately $4,183,862.60. The trade was a 13.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ernie J. Garateix purchased 5,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was acquired at an average price of $12.77 per share, for a total transaction of $63,850.00. Following the completion of the transaction, the chief executive officer now directly owns 1,270,808 shares of the company’s stock, valued at approximately $16,228,218.16. This trade represents a 0.40% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 21,000 shares of company stock valued at $280,450 in the last ninety days. 15.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors and hedge funds have recently bought and sold shares of HRTG. Empowered Funds LLC increased its position in Heritage Insurance by 8.4% in the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after buying an additional 9,728 shares in the last quarter. Millennium Management LLC boosted its position in shares of Heritage Insurance by 39.8% in the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after purchasing an additional 91,982 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after purchasing an additional 546 shares in the last quarter. AQR Capital Management LLC increased its stake in Heritage Insurance by 8.6% in the 1st quarter. AQR Capital Management LLC now owns 509,080 shares of the insurance provider’s stock worth $7,341,000 after buying an additional 40,220 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Heritage Insurance during the first quarter valued at about $751,000. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

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.