Key Points
- Insider sale: Timothy Moura sold 15,104 Heritage Insurance shares at an average price of $32.49, totaling approximately $490,729. The transaction reduced his position by 9.44%, leaving him with 144,941 shares.
- Strong quarterly results: Heritage reported quarterly earnings of $2.05 per share, exceeding analysts’ $1.25 estimate, while revenue of $214.19 million slightly topped expectations.
- Positive market outlook: Truist Financial raised its price target to $42, and the stock has a consensus “Moderate Buy” rating with a $36.50 target. Institutional investors own approximately 59% of the company.
Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) insider Timothy Moura sold 15,104 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $32.49, for a total transaction of $490,728.96. Following the sale, the insider owned 144,941 shares of the company's stock, valued at approximately $4,709,133.09. The trade was a 9.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Heritage Insurance Trading Up 2.5%
NYSE:HRTG opened at $32.97 on Thursday. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $36.50. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The firm's 50 day moving average is $26.75 and its 200 day moving average is $26.20. The stock has a market capitalization of $980.20 million, a PE ratio of 4.70 and a beta of 0.89.
Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. The business had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 44.15% and a net margin of 25.19%. Sell-side analysts expect that Heritage Insurance Holdings, Inc. will post 4.75 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities analysts have weighed in on HRTG shares. Truist Financial increased their target price on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Piper Sandler upped their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Wall Street Zen downgraded shares of Heritage Insurance from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Zacks Research raised shares of Heritage Insurance from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Heritage Insurance in a report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Heritage Insurance currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.
Get Our Latest Analysis on Heritage Insurance
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Heritage Insurance during the second quarter valued at about $60,842,000. Vanguard Group Inc. lifted its holdings in shares of Heritage Insurance by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider's stock worth $55,039,000 after buying an additional 234,296 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Heritage Insurance by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider's stock valued at $32,732,000 after acquiring an additional 36,879 shares during the period. Marshall Wace LLP boosted its position in shares of Heritage Insurance by 8.7% in the third quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider's stock valued at $25,793,000 after acquiring an additional 82,190 shares during the period. Finally, Geode Capital Management LLC grew its stake in Heritage Insurance by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 665,902 shares of the insurance provider's stock valued at $19,486,000 after acquiring an additional 34,996 shares in the last quarter. Hedge funds and other institutional investors own 59.03% of the company's stock.
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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