Heritage Insurance (NYSE:HRTG) Chairman Sells $2,415,000.00 in Stock

Key Points

• Heritage Insurance Chairman Richard Widdicombe sold 100,000 shares for a total of $2.415 million, reducing his ownership by 14.31%.
• The company's stock price has been volatile, with a 12-month low of $8.70 and a high of $26.64, currently trading at $25.42.
• Analysts have a consensus rating of "Buy" for Heritage Insurance, with a target price of $29.00.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) Chairman Richard Widdicombe sold 100,000 shares of the firm's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $24.15, for a total value of $2,415,000.00. Following the completion of the transaction, the chairman directly owned 599,047 shares in the company, valued at $14,466,985.05. The trade was a 14.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Heritage Insurance Price Performance

Shares of HRTG traded up $0.55 during mid-day trading on Thursday, reaching $25.42. The stock had a trading volume of 718,938 shares, compared to its average volume of 353,128. The business has a fifty day moving average of $22.22 and a 200 day moving average of $20.49. 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 12 month low of $8.70 and a 12 month high of $26.64. The firm has a market cap of $788.53 million, a price-to-earnings ratio of 7.17 and a beta of 1.05.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, topping 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 company had revenue of $208.04 million for the quarter, compared to the consensus estimate of $212.12 million. Equities analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its stake in shares of Heritage Insurance by 120.6% during the 2nd quarter. Osaic Holdings Inc. now owns 26,937 shares of the insurance provider's stock worth $672,000 after acquiring an additional 14,725 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Heritage Insurance by 1,366.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,299 shares of the insurance provider's stock worth $207,000 after purchasing an additional 7,733 shares during the period. Tidal Investments LLC purchased a new position in Heritage Insurance during the second quarter worth approximately $351,000. Engineers Gate Manager LP acquired a new position in shares of Heritage Insurance during the 2nd quarter worth approximately $540,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Heritage Insurance by 77.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock valued at $76,000 after buying an additional 1,323 shares in the last quarter. Hedge funds and other institutional investors own 59.03% of the company's stock.

Wall Street Analysts Forecast Growth

HRTG has been the subject of a number of analyst reports. Zacks Research upgraded Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. Wall Street Zen downgraded Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat, Heritage Insurance presently has a consensus 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.

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