Heritage Insurance (NYSE:HRTG) Hits New 12-Month High – Time to Buy?

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price reached a new 52-week high during mid-day trading on Thursday. The stock traded as high as $37.30 and last traded at $36.9030, with a volume of 9,778 shares traded. The stock had previously closed at $36.29.

Wall Street Analysts Forecast Growth

HRTG has been the topic of a number of analyst reports. Truist Financial upped their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Heritage Insurance from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, September 8th. Wall Street Zen raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Zacks Research lowered shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Friday, October 9th. Finally, Piper Sandler upped their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.50.

Heritage Insurance Trading Up 1.2%

The firm has a 50-day moving average of $34.09 and a 200 day moving average of $28.67. The company has a market cap of $1.09 billion, a P/E ratio of 5.24 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.80. The business had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, analysts predict that Heritage Insurance Holdings, Inc. will post 5.50 earnings per share for the current fiscal year.

Insider Activity at Heritage Insurance

In other news, insider Timothy E. Johns sold 3,500 shares of Heritage Insurance stock in a transaction on Friday, September 18th. The shares were sold at an average price of $34.74, for a total value of $121,590.00. Following the completion of the sale, the insider owned 21,938 shares in the company, valued at $762,126.12. The trade was a 13.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kirk Lusk sold 10,000 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.16, for a total transaction of $341,600.00. Following the transaction, the chief financial officer owned 492,522 shares in the company, valued at $16,824,551.52. The trade was a 1.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 77,069 shares of company stock worth $2,578,235. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

A number of large investors have recently bought and sold shares of HRTG. Optiver Holding B.V. increased its stake in Heritage Insurance by 510.0% in the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 1,173 shares in the last quarter. Pinnacle Holdings LLC bought a new position in shares of Heritage Insurance during the 2nd quarter worth about $48,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Heritage Insurance by 3,774.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,906 shares of the insurance provider’s stock worth $85,000 after purchasing an additional 2,831 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Heritage Insurance during the 2nd quarter worth about $92,000. Finally, State of Wyoming acquired a new stake in shares of Heritage Insurance in the 2nd quarter valued at about $210,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company focused primarily on residential property insurance. Through its operating subsidiaries, the company provides coverage for homeowners, condominium owners, renters, and other residential property owners, including protection against risks such as wind, storm, fire, and other covered losses.

Heritage has historically concentrated on catastrophe-exposed markets, particularly Florida and other coastal areas of the southeastern United States.