Insider Selling: Heritage Insurance (NYSE:HRTG) CAO Sells $311,972.00 in Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CAO Sharon Binnun sold 9,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $33.91, for a total value of $311,972.00. Following the completion of the sale, the chief accounting officer owned 87,188 shares in the company, valued at approximately $2,956,545.08. This represents a 9.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sharon Binnun also recently made the following trade(s):

• On Monday, August 3rd, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The shares were sold at an average price of $30.03, for a total value of $276,276.00.
• On Wednesday, July 1st, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The stock was sold at an average price of $26.58, for a total value of $244,536.00.
• On Monday, June 22nd, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The stock was sold at an average price of $24.36, for a total value of $224,112.00.

Heritage Insurance Stock Down 3.1%

Heritage Insurance stock opened at $33.84 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 4.82 and a beta of 0.92. Heritage Insurance Holdings, Inc. has a fifty-two week low of $20.48 and a fifty-two week high of $36.50. The stock’s fifty day moving average is $30.43 and its two-hundred day moving average is $27.17.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%.The business had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HRTG has been the topic of several recent research reports. Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th. Truist Financial raised their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Wall Street Zen raised Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Piper Sandler increased their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Heritage Insurance has a consensus rating of “Buy” and an average target price of $36.50.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Heritage Insurance by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after buying an additional 546 shares in the last quarter. Millennium Management LLC boosted its position in Heritage Insurance by 39.8% during the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after acquiring an additional 91,982 shares during the last quarter. Empowered Funds LLC boosted its position in Heritage Insurance by 8.4% during the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after acquiring an additional 9,728 shares during the last quarter. Strs Ohio purchased a new stake in Heritage Insurance in the 1st quarter worth approximately $127,000. Finally, JPMorgan Chase & Co. grew its stake in Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock worth $3,514,000 after acquiring an additional 128,927 shares during the period. 59.03% of the stock is owned by institutional investors and hedge funds.

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.