Heritage Insurance (NYSE:HRTG) Share Price Passes Below 50-Day Moving Average – What’s Next?

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $24.47 and traded as low as $24.01. Heritage Insurance shares last traded at $25.04, with a volume of 401,622 shares.

Analyst Ratings Changes

A number of equities analysts recently commented on HRTG shares. Citigroup reissued a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Weiss Ratings downgraded Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Wall Street Zen cut Heritage Insurance from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research cut Heritage Insurance from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, May 11th. Finally, Truist Financial cut their price objective on shares of Heritage Insurance from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $36.00.

Heritage Insurance Stock Down 4.8%

The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day simple moving average of $24.41 and a 200 day simple moving average of $26.05. The firm has a market cap of $738.11 million, a price-to-earnings ratio of 3.73 and a beta of 0.91.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Thursday, May 7th. The insurance provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.34). The business 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, equities analysts forecast that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Activity at Heritage Insurance

In related news, insider Timothy Moura sold 25,721 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $25.79, for a total value of $663,344.59. Following the completion of the sale, the insider directly owned 184,814 shares of the company’s stock, valued at $4,766,353.06. This represents a 12.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 8,334 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $27.56, for a total value of $229,685.04. Following the completion of the transaction, the chief executive officer directly owned 1,060,955 shares in the company, valued at approximately $29,239,919.80. The trade was a 0.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 86,424 shares of company stock valued at $2,258,523. Company insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HRTG. Vanguard Group Inc. raised its holdings in Heritage Insurance by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after acquiring an additional 234,296 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after acquiring an additional 128,927 shares in the last quarter. Nuveen LLC grew its position in shares of Heritage Insurance by 181.7% in the fourth quarter. Nuveen LLC now owns 169,454 shares of the insurance provider’s stock valued at $4,958,000 after purchasing an additional 109,307 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its position in shares of Heritage Insurance by 27.2% during the third quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider’s stock valued at $11,556,000 after buying an additional 98,246 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Heritage Insurance by 92.5% during the 1st quarter. Bank of America Corp DE now owns 194,689 shares of the insurance provider’s stock worth $5,111,000 after purchasing an additional 93,548 shares in the last quarter. 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.