Heritage Insurance (NYSE:HRTG) Stock Price Crosses Below 50 Day Moving Average - Here's What Happened

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $23.39 and traded as low as $21.86. Heritage Insurance shares last traded at $22.12, with a volume of 458,556 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have commented on HRTG. Truist Financial boosted their price target on shares of Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Piper Sandler boosted their price target on shares of Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded shares of Heritage Insurance from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th.

Heritage Insurance Stock Down 0.6%

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $657.11 million, a PE ratio of 8.35 and a beta of 1.01. The stock's fifty day simple moving average is $23.44 and its 200-day simple moving average is $16.84.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.53. The firm had revenue of $211.52 million for the quarter, compared to the consensus estimate of $213.68 million. Heritage Insurance had a net margin of 9.29% and a return on equity of 26.95%. As a group, sell-side analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, Director Panagiotis Apostolou sold 25,000 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $25.40, for a total transaction of $635,000.00. Following the sale, the director directly owned 164,719 shares of the company's stock, valued at $4,183,862.60. This represents a 13.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 15.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its position in 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 buying an additional 121,518 shares during the period. Man Group plc purchased a new position in Heritage Insurance during the fourth quarter valued at $662,000. Raymond James Financial Inc. purchased a new position in Heritage Insurance during the fourth quarter valued at $1,123,000. American Century Companies Inc. lifted its position in Heritage Insurance by 14.8% during the fourth quarter. American Century Companies Inc. now owns 589,899 shares of the insurance provider's stock valued at $7,138,000 after buying an additional 76,032 shares during the period. Finally, Prudential Financial Inc. lifted its position in Heritage Insurance by 323.8% during the fourth quarter. Prudential Financial Inc. now owns 93,975 shares of the insurance provider's stock valued at $1,137,000 after buying an additional 71,800 shares during the period. 59.03% of the stock is currently owned by institutional investors.

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.