Heritage Insurance (NYSE:HRTG) Shares Down 4.1% - Here's What Happened

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) fell 4.1% during mid-day trading on Tuesday . The stock traded as low as $22.12 and last traded at $22.31. 72,404 shares traded hands during trading, a decline of 82% from the average session volume of 409,349 shares. The stock had previously closed at $23.26.

Analysts Set New Price Targets

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

Heritage Insurance Price Performance

The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $727.18 million, a P/E ratio of 9.27 and a beta of 1.03. The firm's fifty day moving average is $22.62 and its 200 day moving average is $16.09.

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

Insider Activity

In related news, Director Panagiotis Apostolou sold 25,000 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $25.40, for a total value of $635,000.00. Following the transaction, the director now owns 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 15.20% of the company's stock.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds have recently made changes to their positions in HRTG. New York State Common Retirement Fund boosted its stake in Heritage Insurance by 222.2% in the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider's stock worth $35,000 after purchasing an additional 2,000 shares in the last quarter. Triumph Capital Management purchased a new stake in shares of Heritage Insurance during the 4th quarter worth about $121,000. Strs Ohio acquired a new stake in shares of Heritage Insurance during the 1st quarter valued at about $127,000. Cantor Fitzgerald L. P. purchased a new position in shares of Heritage Insurance in the 4th quarter valued at about $133,000. Finally, Quantbot Technologies LP acquired a new position in Heritage Insurance in the 1st quarter worth about $141,000. 59.03% of the stock is currently owned by hedge funds and other 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.