Heritage Insurance (NYSE:HRTG) Share Price Passes Above 50-Day Moving Average – Here’s Why

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $26.36 and traded as high as $26.45. Heritage Insurance shares last traded at $26.2090, with a volume of 237,113 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on HRTG shares. Truist Financial boosted their price target on Heritage Insurance from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Zacks Research raised Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research report on Friday. Finally, Citigroup reissued a “market perform” rating on shares of Heritage Insurance in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $33.50.

Heritage Insurance Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50-day moving average of $26.36 and a 200-day moving average of $26.63. The stock has a market capitalization of $805.14 million, a price-to-earnings ratio of 4.15 and a beta of 0.95.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.54. Heritage Insurance had a return on equity of 47.28% and a net margin of 23.08%.The company had revenue of $215.32 million during the quarter, compared to the consensus estimate of $212.60 million. As a group, equities research analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Activity at Heritage Insurance

In other Heritage Insurance news, CEO Ernie J. Garateix sold 8,334 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $25.39, for a total transaction of $211,600.26. Following the sale, the chief executive officer directly owned 1,069,289 shares of the company’s stock, valued at $27,149,247.71. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Timothy Moura sold 29,133 shares of Heritage Insurance stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $26.63, for a total transaction of $775,811.79. Following the sale, the insider owned 210,535 shares of the company’s stock, valued at approximately $5,606,547.05. This trade represents a 12.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 62,028 shares of company stock valued at $1,629,129 over the last quarter. Insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors and hedge funds have recently modified their holdings of HRTG. Vanguard Group Inc. boosted its position in Heritage Insurance by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock worth $55,039,000 after acquiring an additional 234,296 shares during the last quarter. Marshall Wace LLP raised its holdings in Heritage Insurance by 8.7% in the 3rd quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider’s stock valued at $25,793,000 after acquiring an additional 82,190 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Heritage Insurance by 11.5% during the 3rd quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider’s stock worth $22,371,000 after purchasing an additional 91,847 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Heritage Insurance by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 665,902 shares of the insurance provider’s stock worth $19,486,000 after purchasing an additional 34,996 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Heritage Insurance by 69.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after purchasing an additional 216,019 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

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.