Key Points
- CEO sale: Heritage CEO Ernie Garateix sold 8,334 shares on Nov. 20 at an average price of $26.94 for roughly $224,518, trimming his position by 0.69% to 1,200,806 shares valued at about $32.35 million.
- Strong quarterly results: The company reported $1.63 EPS versus a $0.53 estimate and $212.46 million in revenue, with a 41.44% ROE; the stock trades at a P/E of 5.87 and market cap of $876.45 million.
- Investor sentiment: Institutional investors own about 59% of the stock after several funds increased stakes, and analysts' consensus is a "Buy" with an average price target of $32.50 (Truist raised its target to $37).
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 8,334 shares of the company's stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $26.94, for a total transaction of $224,517.96. Following the completion of the sale, the chief executive officer owned 1,200,806 shares in the company, valued at approximately $32,349,713.64. This trade represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Heritage Insurance Price Performance
HRTG stock opened at $28.36 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a 50 day moving average price of $25.79 and a 200-day moving average price of $23.86. Heritage Insurance Holdings, Inc. has a 52-week low of $9.89 and a 52-week high of $31.98. The firm has a market capitalization of $876.45 million, a price-to-earnings ratio of 5.87 and a beta of 0.95.
Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings data on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $1.10. Heritage Insurance had a return on equity of 41.44% and a net margin of 17.72%.The company had revenue of $212.46 million during the quarter, compared to analyst estimates of $210.12 million. Equities research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.
Institutional Investors Weigh In On Heritage Insurance
Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP lifted its holdings in shares of Heritage Insurance by 58.9% during the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider's stock valued at $23,498,000 after buying an additional 349,168 shares during the period. Assenagon Asset Management S.A. increased its position in Heritage Insurance by 223.9% during the third quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider's stock valued at $11,635,000 after acquiring an additional 319,434 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Heritage Insurance by 290.8% in the second quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider's stock valued at $9,567,000 after acquiring an additional 285,425 shares during the period. Arrowstreet Capital Limited Partnership boosted its position 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 worth $13,128,000 after purchasing an additional 216,019 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Heritage Insurance by 33.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider's stock valued at $16,180,000 after purchasing an additional 163,142 shares during the period. 59.03% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
HRTG has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Heritage Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Saturday, October 25th. Zacks Research raised shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 6th. Wall Street Zen cut shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Truist Financial raised their price target on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a "buy" rating in a research report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $32.50.
View Our Latest Analysis on Heritage Insurance
About Heritage Insurance
(
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.
Further Reading
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