Heritage Insurance (NYSE:HRTG) Trading Down 7.3% Following Insider Selling

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price fell 7.3% during trading on Friday following insider selling activity. The company traded as low as $26.43 and last traded at $26.2620. 112,356 shares traded hands during trading, a decline of 72% from the average session volume of 402,347 shares. The stock had previously closed at $28.32.

Specifically, CFO Kirk Lusk sold 8,331 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $28.21, for a total value of $235,017.51. Following the transaction, the chief financial officer directly owned 550,425 shares in the company, valued at $15,527,489.25. This trade represents a 1.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

A number of brokerages have commented on HRTG. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. Truist Financial boosted their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Wall Street Zen cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings upgraded Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $32.50.

Heritage Insurance Stock Down 5.5%

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $826.84 million, a P/E ratio of 5.54 and a beta of 0.96. The stock’s 50-day simple moving average is $26.27 and its 200-day simple moving average is $24.09.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Heritage Insurance by 8.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,646,731 shares of the insurance provider’s stock valued at $41,465,000 after purchasing an additional 132,271 shares during the last quarter. Marshall Wace LLP grew its position in Heritage Insurance by 8.7% during the third quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider’s stock valued at $25,793,000 after buying an additional 82,190 shares during the period. American Century Companies Inc. increased its holdings in Heritage Insurance by 11.5% during the third quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider’s stock worth $22,371,000 after buying an additional 91,847 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Heritage Insurance by 33.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock worth $16,180,000 after acquiring an additional 163,142 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Heritage Insurance by 69.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock valued at $13,128,000 after acquiring an additional 216,019 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.