Heritage Insurance (NYSE:HRTG) Shares Gap Up on Strong Earnings

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $19.83, but opened at $20.96. Heritage Insurance shares last traded at $23.13, with a volume of 549,795 shares traded.

The insurance provider reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.53. The company had revenue of $211.52 million for the quarter, compared to analysts' expectations of $213.68 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 18th.

Insider Activity at Heritage Insurance

In related news, Director Paul L. Whiting acquired 10,000 shares of the company's stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average price of $13.35 per share, with a total value of $133,500.00. Following the completion of the transaction, the director now directly owns 79,576 shares in the company, valued at $1,062,339.60. This trade represents a 14.37 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ernie J. Garateix bought 5,000 shares of the stock in a transaction on Friday, March 14th. The stock was purchased at an average price of $12.77 per share, with a total value of $63,850.00. Following the completion of the purchase, the chief executive officer now owns 1,270,808 shares of the company's stock, valued at $16,228,218.16. This represents a 0.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 21,000 shares of company stock worth $280,450 over the last three months. 14.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp increased its holdings in shares of Heritage Insurance by 3.0% during the fourth quarter. Stifel Financial Corp now owns 56,825 shares of the insurance provider's stock valued at $688,000 after acquiring an additional 1,640 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Heritage Insurance by 222.2% in the fourth quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider's stock worth $35,000 after buying an additional 2,000 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Heritage Insurance by 18.1% during the fourth quarter. Wells Fargo & Company MN now owns 13,419 shares of the insurance provider's stock worth $162,000 after buying an additional 2,058 shares during the period. Brandywine Global Investment Management LLC grew its holdings in shares of Heritage Insurance by 21.7% during the fourth quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider's stock valued at $150,000 after buying an additional 2,210 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of Heritage Insurance by 0.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 366,595 shares of the insurance provider's stock valued at $4,436,000 after acquiring an additional 2,479 shares during the period. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Trading Up 18.2 %

The firm has a market cap of $726.32 million, a PE ratio of 9.35 and a beta of 0.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. The company has a 50 day simple moving average of $15.42 and a two-hundred day simple moving average of $12.98.

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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