Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Down 17.8% in December

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the target of a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 1,324,469 shares, a decline of 17.8% from the December 15th total of 1,612,152 shares. Approximately 5.0% of the shares of the company are sold short. Based on an average daily volume of 253,022 shares, the days-to-cover ratio is currently 5.2 days. Based on an average daily volume of 253,022 shares, the days-to-cover ratio is currently 5.2 days. Approximately 5.0% of the shares of the company are sold short.

Insiders Place Their Bets

In other news, CFO Kirk Lusk sold 19,929 shares of Heritage Insurance stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $24.18, for a total transaction of $481,883.22. Following the completion of the sale, the chief financial officer owned 558,756 shares of the company’s stock, valued at approximately $13,510,720.08. This trade represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernie J. Garateix sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were 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 owned 1,219,140 shares in the company, valued at $35,476,974. This trade represents a 0.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 124,999 shares of company stock worth $3,528,374 in the last 90 days. Company insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Institutional investors and hedge funds have recently made changes to their positions in the stock. USA Financial Formulas purchased a new stake in shares of Heritage Insurance during the second quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in shares of Heritage Insurance in the 3rd quarter worth about $25,000. Financial Management Professionals Inc. bought a new position in Heritage Insurance during the third quarter valued at about $26,000. Nisa Investment Advisors LLC increased its holdings in Heritage Insurance by 2,413.6% during the second quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider’s stock worth $28,000 after buying an additional 1,062 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in Heritage Insurance in the third quarter worth about $36,000. Institutional investors own 59.03% of the company’s stock.

Heritage Insurance Trading Down 1.5%

NYSE HRTG traded down $0.39 during trading hours on Tuesday, reaching $25.73. The company’s stock had a trading volume of 220,236 shares, compared to its average volume of 370,315. The firm has a fifty day simple moving average of $28.33 and a 200-day simple moving average of $25.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82. Heritage Insurance has a 52 week low of $9.89 and a 52 week high of $31.98. The stock has a market cap of $795.31 million, a P/E ratio of 5.33 and a beta of 0.98.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings results on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $1.10. The firm had revenue of $212.46 million during the quarter, compared to analysts’ expectations of $210.12 million. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. Equities analysts forecast that Heritage Insurance will post 1.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HRTG. Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Heritage Insurance in a research report on Monday, December 29th. Finally, Truist Financial boosted their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Heritage Insurance presently has an average rating of “Moderate Buy” and an average target price of $32.50.

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.