Heritage Insurance (NYSE:HRTG) CFO Kirk Lusk Sells 10,000 Shares of Stock

Key Points

• Heritage Insurance CFO Kirk Lusk sold 10,000 shares at an average price of $34.16, generating $341,600. He retains 492,522 shares, representing a 1.99% reduction in his position.
• Heritage reported strong quarterly results, with earnings per share of $2.05 versus the $1.25 analyst estimate and revenue of $214.19 million, slightly above expectations.
• Shares recently traded at $33.38, near their 52-week high of $36.50. Analysts maintain a consensus “Buy” rating with an average price target of $36.50, while institutional investors own 59.03% of the stock.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CFO Kirk Lusk sold 10,000 shares of Heritage Insurance stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.16, for a total value of $341,600.00. Following the completion of the transaction, the chief financial officer owned 492,522 shares of the company's stock, valued at approximately $16,824,551.52. The trade was a 1.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Heritage Insurance Stock Performance

Shares of HRTG stock traded down $0.31 on Wednesday, hitting $33.38. 176,198 shares of the stock traded hands, compared to its average volume of 371,063. The company's fifty day moving average is $27.72 and its 200 day moving average is $26.43. Heritage Insurance Holdings, Inc. has a 1-year low of $20.48 and a 1-year high of $36.50. The company has a market capitalization of $992.39 million, a PE ratio of 4.75 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.80. The firm had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. On average, equities research analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Heritage Insurance

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Heritage Insurance in the 2nd quarter worth $60,842,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Heritage Insurance during the second quarter valued at about $14,437,000. Vanguard Group Inc. grew its holdings 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 worth $55,039,000 after acquiring an additional 234,296 shares during the period. Bank of America Corp DE acquired a new position in Heritage Insurance during the second quarter worth about $6,070,000. Finally, Quartz Partners LLC bought a new stake in Heritage Insurance in the second quarter worth about $4,924,000. Institutional investors own 59.03% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Piper Sandler upped their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Wall Street Zen upgraded Heritage Insurance from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings reissued a "buy (b-)" rating on shares of Heritage Insurance in a report on Friday, August 7th. Finally, Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Heritage Insurance currently has a consensus rating of "Buy" and a consensus price target of $36.50.

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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