Key Points
- Heritage Insurance chairman Richard Widdicombe sold 50,000 shares on Nov. 18 at an average price of $29.40 for $1.47M, trimming his stake by 10.02% to 449,047 shares (~$13.2M).
- The company reported robust quarterly results — EPS $1.63 versus $0.53 expected and revenue of $212.5M (vs. $210.1M), with a 17.7% net margin and 41.4% return on equity.
- Shares opened at $26.10 with a market cap of about $807M, analysts hold an average Buy rating and $32.50 price target, and institutional investors own roughly 59% of the stock.
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) Chairman Richard Widdicombe sold 50,000 shares of the firm's stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $29.40, for a total value of $1,470,000.00. Following the completion of the transaction, the chairman owned 449,047 shares of the company's stock, valued at approximately $13,201,981.80. This represents a 10.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Heritage Insurance Price Performance
Heritage Insurance stock opened at $26.10 on Friday. The firm has a market capitalization of $806.65 million, a PE ratio of 5.40 and a beta of 0.95. Heritage Insurance Holdings, Inc. has a 52 week low of $9.89 and a 52 week high of $31.98. The firm's 50-day simple moving average is $25.65 and its 200 day simple moving average is $23.77. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.18.
Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its earnings results on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $1.10. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. The company had revenue of $212.46 million during the quarter, compared to analysts' expectations of $210.12 million. On average, equities research analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.
Hedge Funds Weigh In On Heritage Insurance
Several large investors have recently added to or reduced their stakes in HRTG. Advisory Services Network LLC acquired a new stake in Heritage Insurance in the 3rd quarter worth about $25,000. Kestra Private Wealth Services LLC purchased a new position in shares of Heritage Insurance during the 3rd quarter worth about $611,000. Triumph Capital Management acquired a new stake in shares of Heritage Insurance in the third quarter worth approximately $88,000. Verition Fund Management LLC grew its holdings in Heritage Insurance by 11.5% in the third quarter. Verition Fund Management LLC now owns 40,543 shares of the insurance provider's stock valued at $1,021,000 after purchasing an additional 4,194 shares during the period. Finally, Qube Research & Technologies Ltd grew its holdings in Heritage Insurance by 6.0% in the third quarter. Qube Research & Technologies Ltd now owns 189,521 shares of the insurance provider's stock valued at $4,772,000 after purchasing an additional 10,682 shares during the period. 59.03% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
HRTG has been the topic of a number of recent research reports. Weiss Ratings raised Heritage Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Saturday, October 25th. Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 6th. Truist Financial lifted their price objective on Heritage Insurance from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, November 7th. Finally, Wall Street Zen downgraded shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat, Heritage Insurance currently has an average rating of "Buy" and an average price target of $32.50.
Check Out Our Latest Stock Report on Heritage Insurance
Heritage Insurance Company Profile
(
Get Free Report)
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.
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