Insider Selling: Heritage Insurance (NYSE:HRTG) CAO Sells 21,000 Shares of Stock

Key Points

• Sharon Binnun, CAO of Heritage Insurance, sold 21,000 shares of the company on September 5th for a total of $513,870, reducing her ownership by 10.66% to 176,006 shares.
• Heritage Insurance reported $1.55 earnings per share in its last quarterly results, surpassing analyst expectations of $1.03.
• Research analysts have a consensus rating of "Buy" for Heritage Insurance, with a price target of $29.00.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CAO Sharon Binnun sold 21,000 shares of Heritage Insurance stock in a transaction on Friday, September 5th. The stock was sold at an average price of $24.47, for a total transaction of $513,870.00. Following the completion of the transaction, the chief accounting officer directly owned 176,006 shares of the company's stock, valued at approximately $4,306,866.82. This represents a 10.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Heritage Insurance Stock Performance

Heritage Insurance stock traded up $0.71 during mid-day trading on Friday, reaching $24.59. The company's stock had a trading volume of 313,630 shares, compared to its average volume of 305,514. The firm has a market cap of $762.69 million, a price-to-earnings ratio of 7.09 and a beta of 1.05. The business has a 50 day moving average price of $22.03 and a 200-day moving average price of $20.25. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.24. Heritage Insurance Holdings, Inc. has a twelve month low of $8.70 and a twelve month high of $26.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.52. The firm had revenue of $208.04 million during the quarter, compared to the consensus estimate of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. Sell-side analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Heritage Insurance

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arkadios Wealth Advisors bought a new stake in shares of Heritage Insurance during the first quarter valued at about $1,727,000. Ameriprise Financial Inc. raised its stake in shares of Heritage Insurance by 46.1% during the fourth quarter. Ameriprise Financial Inc. now owns 384,948 shares of the insurance provider's stock valued at $4,658,000 after purchasing an additional 121,518 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Heritage Insurance by 8.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 485,631 shares of the insurance provider's stock valued at $7,003,000 after purchasing an additional 37,763 shares in the last quarter. Man Group plc bought a new stake in shares of Heritage Insurance during the fourth quarter valued at about $662,000. Finally, Kingsview Wealth Management LLC bought a new stake in shares of Heritage Insurance during the first quarter valued at about $228,000. 59.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on HRTG shares. Wall Street Zen cut Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Zacks Research upgraded Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $29.00.

About Heritage Insurance

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.