Heritage Insurance (NYSE:HRTG) CAO Sells $224,112.00 in Stock

Key Points

• Heritage Insurance CAO Sharon Binnun sold 9,200 shares on June 22 at an average price of $24.36, totaling $224,112. The sale reduced her stake by 7.42% and was made under a pre-arranged Rule 10b5-1 trading plan.
• The company’s recent quarterly earnings missed expectations. Heritage Insurance reported EPS of $1.19 versus the $1.53 consensus estimate, while revenue came in at $212.66 million, slightly below forecasts.
• Analyst sentiment has turned mixed to cautious. Heritage Insurance now has an average analyst rating of “Hold” with a consensus price target of $36.00, following several recent downgrades.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CAO Sharon Binnun sold 9,200 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $24.36, for a total value of $224,112.00. Following the completion of the sale, the chief accounting officer owned 114,788 shares of the company's stock, valued at $2,796,235.68. The trade was a 7.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sharon Binnun also recently made the following trade(s):

• On Friday, May 1st, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The shares were sold at an average price of $28.99, for a total value of $266,708.00.
• On Wednesday, April 1st, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The shares were sold at an average price of $25.72, for a total value of $236,624.00.

Heritage Insurance Price Performance

Shares of NYSE HRTG traded up $0.60 during mid-day trading on Wednesday, reaching $25.55. The company's stock had a trading volume of 580,159 shares, compared to its average volume of 376,109. The firm has a market capitalization of $775.47 million, a PE ratio of 3.92 and a beta of 0.91. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a fifty day moving average of $24.47 and a two-hundred day moving average of $26.09. Heritage Insurance Holdings, Inc. has a 52 week low of $16.83 and a 52 week high of $31.98.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.34). Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. The business had revenue of $212.66 million for the quarter, compared to the consensus estimate of $215.39 million. As a group, sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Heritage Insurance by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider's stock valued at $55,039,000 after purchasing an additional 234,296 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock worth $3,514,000 after buying an additional 128,927 shares during the last quarter. Nuveen LLC increased its holdings in shares of Heritage Insurance by 181.7% in the 4th quarter. Nuveen LLC now owns 169,454 shares of the insurance provider's stock worth $4,958,000 after buying an additional 109,307 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its position in shares of Heritage Insurance by 27.2% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider's stock valued at $11,556,000 after buying an additional 98,246 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Heritage Insurance by 92.5% during the 1st quarter. Bank of America Corp DE now owns 194,689 shares of the insurance provider's stock valued at $5,111,000 after buying an additional 93,548 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HRTG. Truist Financial lowered their target price on shares of Heritage Insurance from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Wall Street Zen cut shares of Heritage Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded shares of Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Zacks Research cut shares of Heritage Insurance from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, May 11th. Finally, Citigroup reissued a "market perform" rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Heritage Insurance presently has an average rating of "Hold" and a consensus target price of $36.00.

About Heritage Insurance

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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