Key Points
- Ernie Garateix sold 7,000 shares of Heritage Insurance on Dec. 9 at an average price of $28.36 for $198,520, trimming his stake by 0.58% to 1,193,806 shares valued at about $33.86 million.
- Heritage reported strong quarterly results, posting $1.63 EPS (beating estimates by $1.10), $212.46 million in revenue, a 17.72% net margin and a 41.44% return on equity.
- Analysts have grown more positive—Weiss, Truist and Zacks upgraded the stock, leaving an average rating of "Buy" and a consensus target price of $32.50.
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 7,000 shares of the company's stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $28.36, for a total transaction of $198,520.00. Following the completion of the transaction, the chief executive officer owned 1,193,806 shares in the company, valued at $33,856,338.16. This trade represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Heritage Insurance Price Performance
Shares of Heritage Insurance stock opened at $28.86 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $892.09 million, a price-to-earnings ratio of 5.95 and a beta of 0.96. Heritage Insurance Holdings, Inc. has a twelve month low of $9.89 and a twelve month high of $31.98. The company has a 50-day simple moving average of $26.57 and a two-hundred day simple moving average of $24.21.
Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its earnings results on Wednesday, November 5th. The insurance provider reported $1.63 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $210.12 million. Analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.
Analyst Ratings Changes
A number of equities analysts have commented on HRTG shares. Weiss Ratings upgraded Heritage Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Saturday, October 25th. Truist Financial increased their target price on Heritage Insurance from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Friday, November 7th. Finally, Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, Heritage Insurance currently has an average rating of "Buy" and a consensus target price of $32.50.
View Our Latest Report on Heritage Insurance
Institutional Investors Weigh In On Heritage Insurance
A number of large investors have recently modified their holdings of the business. Marshall Wace LLP increased its stake in shares of Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider's stock valued at $23,498,000 after purchasing an additional 349,168 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Heritage Insurance by 223.9% in 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 buying an additional 319,434 shares in the last quarter. Prudential Financial Inc. grew its position 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 last quarter. Arrowstreet Capital Limited Partnership raised its stake in 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 acquiring an additional 216,019 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Heritage Insurance by 33.6% during 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 in the last quarter. Institutional investors and hedge funds own 59.03% of the company's stock.
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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