Key Points
- Heritage CEO Ernie Garateix sold 8,334 shares on January 20 at an average price of $26.03 for $216,934.02, trimming his stake by 0.73% while still owning 1,128,504 shares valued at about $29.37 million.
- The company reported a strong quarterly beat with EPS of $1.63 vs. $0.53 expected and revenue of $212.46 million, and trades at a low P/E of 5.36 with a market cap around $800 million.
- Analyst and institutional backdrop: ~59% of shares are institutionally owned, the consensus rating is a "Moderate Buy" with an average price target of $32.50, and some firms (e.g., Truist) have raised targets to $37.
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 8,334 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $26.03, for a total value of $216,934.02. Following the transaction, the chief executive officer owned 1,128,504 shares in the company, valued at $29,374,959.12. This trade represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Heritage Insurance Stock Down 0.2%
HRTG opened at $25.89 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $800.26 million, a price-to-earnings ratio of 5.36 and a beta of 0.98. Heritage Insurance Holdings, Inc. has a 12 month low of $9.89 and a 12 month high of $31.98. The business has a 50-day moving average of $28.08 and a two-hundred day moving average of $25.13.
Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings data on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $1.10. The company had revenue of $212.46 million during the quarter, compared to analysts' expectations of $210.12 million. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. On average, research analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.
Institutional Trading of Heritage Insurance
A number of hedge funds and other institutional investors have recently made changes to their positions in HRTG. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 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 buying an additional 216,019 shares during the period. Russell Investments Group Ltd. grew its position in Heritage Insurance by 829.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 125,828 shares of the insurance provider's stock worth $3,138,000 after purchasing an additional 112,288 shares in the last quarter. Prudential Financial Inc. raised its stake in Heritage Insurance by 290.8% during the 2nd quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider's stock valued at $9,567,000 after purchasing an additional 285,425 shares during the period. American Century Companies Inc. lifted its holdings in shares of Heritage Insurance by 17.7% in the second quarter. American Century Companies Inc. now owns 796,605 shares of the insurance provider's stock valued at $19,867,000 after purchasing an additional 119,791 shares in the last quarter. Finally, Savant Capital LLC acquired a new stake in shares of Heritage Insurance in the second quarter worth $263,000. 59.03% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
HRTG has been the subject of a number of research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Insurance in a report on Monday, December 29th. Truist Financial raised their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, November 7th. Finally, Zacks Research downgraded Heritage Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, January 5th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.50.
View Our Latest Research Report on HRTG
Heritage Insurance Company Profile
(
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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