Key Points
- CEO Ernie Garateix sold 8,334 shares on Dec. 22 at an average price of $29.48 for a total of $245,686.32, and still holds 1,136,838 shares (ownership down 0.73%, valued at ~ $33.5M).
- Heritage posted a strong quarter with $1.63 EPS vs. $0.53 expected, $212.5M revenue, a 41.4% ROE and 17.7% net margin; the stock trades near recent highs with a market cap of ~$913M and a P/E of 6.12.
- Analysts have upgraded the stock (Truist raised its target to $37; Weiss and Zacks upgraded to buy/strong-buy), consensus rating is Buy with a $32.50 target, and institutional investors own about 59% of the company.
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 8,334 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $29.48, for a total value of $245,686.32. Following the sale, the chief executive officer owned 1,136,838 shares in the company, valued at approximately $33,513,984.24. This trade represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Heritage Insurance Trading Up 1.9%
Shares of HRTG opened at $29.54 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 company has a market cap of $913.21 million, a price-to-earnings ratio of 6.12 and a beta of 0.96. The stock has a fifty day moving average price of $27.62 and a two-hundred day moving average price of $24.67. Heritage Insurance Holdings, Inc. has a 52-week low of $9.89 and a 52-week high of $31.98.
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 return on equity of 41.44% and a net margin of 17.72%.The company had revenue of $212.46 million for the quarter, compared to analysts' expectations of $210.12 million. Analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.
Institutional Investors Weigh In On Heritage Insurance
Several institutional investors have recently modified their holdings of the business. Nuveen LLC acquired a new position in Heritage Insurance in the first quarter valued at approximately $1,495,000. Ieq Capital LLC raised its position in shares of Heritage Insurance by 14.7% during the 1st quarter. Ieq Capital LLC now owns 28,726 shares of the insurance provider's stock valued at $414,000 after acquiring an additional 3,679 shares during the last quarter. State of Wyoming lifted its stake in shares of Heritage Insurance by 586.7% in the 1st quarter. State of Wyoming now owns 29,733 shares of the insurance provider's stock valued at $429,000 after purchasing an additional 25,403 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Heritage Insurance in the 1st quarter worth $751,000. Finally, AQR Capital Management LLC grew its stake in shares of Heritage Insurance by 8.6% during the first quarter. AQR Capital Management LLC now owns 509,080 shares of the insurance provider's stock worth $7,341,000 after purchasing an additional 40,220 shares during the period. Institutional investors and hedge funds own 59.03% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. 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 note on Friday, November 7th. Weiss Ratings upgraded shares of Heritage Insurance from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Saturday, October 25th. Finally, Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat, Heritage Insurance currently has an average rating of "Buy" and a consensus price target of $32.50.
View Our Latest Stock Report on HRTG
About Heritage Insurance
(
Get Free Report)
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.
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