Heritage Insurance (NYSE:HRTG) CEO Ernie Garateix Sells 8,334 Shares

Key Points

• CEO Ernie Garateix sold 8,334 shares of Heritage Insurance at an average price of $27.24, totaling approximately $227,018.16, and now owns 1,237,474 shares valued at about $33.7 million.
• Heritage Insurance's stock price fell by 9.5%, reaching $24.68, with notable trading volume at 1,011,146 shares, significantly above its average of 384,366 shares.
• Institutional investors have increased their stakes in Heritage Insurance, with Marshall Wace LLP raising its position by 58.9%, indicating strong interest from these investors.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 8,334 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $27.24, for a total value of $227,018.16. Following the sale, the chief executive officer directly owned 1,237,474 shares in the company, valued at approximately $33,708,791.76. This trade represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Heritage Insurance Stock Down 9.5%

Heritage Insurance stock traded down $2.60 during mid-day trading on Wednesday, reaching $24.68. The stock had a trading volume of 1,011,146 shares, compared to its average volume of 384,366. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.82 and a current ratio of 0.82. Heritage Insurance Holdings, Inc. has a fifty-two week low of $8.70 and a fifty-two week high of $29.10. The stock's 50-day simple moving average is $22.60 and its 200-day simple moving average is $20.89. The firm has a market capitalization of $765.49 million, a PE ratio of 7.11 and a beta of 1.05.

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

Institutional Trading of Heritage Insurance

Institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its stake in shares of Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider's stock valued at $23,498,000 after purchasing an additional 349,168 shares in the last quarter. American Century Companies Inc. lifted its stake in Heritage Insurance by 17.7% during the second quarter. American Century Companies Inc. now owns 796,605 shares of the insurance provider's stock valued at $19,867,000 after buying an additional 119,791 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Heritage Insurance by 33.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider's stock valued at $16,180,000 after purchasing an additional 163,142 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Heritage Insurance by 69.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider's stock valued at $13,128,000 after acquiring an additional 216,019 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Heritage Insurance by 1.6% during the second quarter. Geode Capital Management LLC now owns 517,803 shares of the insurance provider's stock valued at $12,917,000 after purchasing an additional 8,112 shares during the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HRTG. Zacks Research upgraded Heritage Insurance to a "strong-buy" rating in a research report on Monday, August 11th. Wall Street Zen cut Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Truist Financial lifted their price target on shares of Heritage Insurance from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $31.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.