Heritage Insurance (NYSE:HRTG) Chairman Richard Widdicombe Sells 100,000 Shares of Stock

Key Points

• Heritage Insurance Chairman Richard Widdicombe sold 100,000 shares for approximately $2.726 million, marking a 16.69% decrease in his ownership.
• The company's stock recently fell 11.5% to $23.85, and it has a market capitalization of $739.78 million.
• Analysts have mixed ratings on Heritage Insurance, with a consensus of Moderate Buy and an average price target of $31.50.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) Chairman Richard Widdicombe sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $27.26, for a total transaction of $2,726,000.00. Following the sale, the chairman owned 499,047 shares of the company's stock, valued at approximately $13,604,021.22. This represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Heritage Insurance Trading Down 11.5%

Shares of HRTG stock traded down $3.11 during mid-day trading on Thursday, reaching $23.85. The company's stock had a trading volume of 634,297 shares, compared to its average volume of 399,202. The company's 50 day simple moving average is $23.92 and its 200-day simple moving average is $22.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24. Heritage Insurance Holdings, Inc. has a 12-month low of $9.71 and a 12-month high of $29.10. The firm has a market capitalization of $739.78 million, a PE ratio of 6.87 and a beta of 0.98.

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, beating the consensus estimate of $1.03 by $0.52. The company had revenue of $208.04 million for the quarter, compared to analyst estimates of $212.12 million. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%. On average, research analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Truist Financial increased their price target on shares of Heritage Insurance from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Zacks Research lowered Heritage Insurance from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Heritage Insurance in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.50.

Heritage Insurance Company Profile

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.

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