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

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

Wall Street Analyst Weigh In

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

Heritage Insurance Trading Up 1.1%

The firm has a market cap of $805.76 million, a price-to-earnings ratio of 4.07 and a beta of 0.88. The company has a fifty day moving average price of $24.01 and a 200-day moving average price of $25.83. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15.

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

Insider Buying and Selling at Heritage Insurance

In related news, Director Paul L. Whiting acquired 16,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were acquired at an average price of $23.56 per share, for a total transaction of $376,960.00. Following the transaction, the director owned 103,126 shares in the company, valued at approximately $2,429,648.56. This trade represents a 18.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ernie J. Garateix sold 8,334 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $27.56, for a total transaction of $229,685.04. Following the sale, the chief executive officer directly owned 1,060,955 shares in the company, valued at $29,239,919.80. The trade was a 0.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 35,934 shares of company stock valued at $965,041. 9.20% of the stock is owned by company insiders.

Institutional Trading of Heritage Insurance

Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in Heritage Insurance during the third quarter valued at $25,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Heritage Insurance in the fourth quarter worth about $31,000. Royal Bank of Canada boosted its stake in shares of Heritage Insurance by 72.6% during the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares in the last quarter. Optiver Holding B.V. boosted its stake in shares of Heritage Insurance by 510.0% during the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 1,173 shares in the last quarter. Finally, Harbour Investments Inc. purchased a new stake in shares of Heritage Insurance during the 4th quarter worth about $50,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

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.