Heritage Insurance (NYSE:HRTG) Shares Pass Above 50-Day Moving Average - Should You Sell?

Key Points

• Heritage Insurance shares have crossed above their fifty-day moving average, currently trading at $25.14, compared to the average of $22.88.
• Analysts have varied ratings, with Truist Financial increasing their price target from $30.00 to $35.00, while a consensus target price stands at $31.50.
• Institutional investors own 59.03% of Heritage Insurance, with significant increases in holdings by firms such as Osaic Holdings and Tower Research Capital.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) shares crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $22.88 and traded as high as $25.27. Heritage Insurance shares last traded at $25.14, with a volume of 1,008,400 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Truist Financial boosted their price objective on Heritage Insurance from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Zacks Research upgraded Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. Finally, Wall Street Zen cut Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, Heritage Insurance currently has an average rating of "Buy" and a consensus target price of $31.50.

Heritage Insurance Stock Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $779.84 million, a P/E ratio of 7.24 and a beta of 1.05. The company has a fifty day moving average of $22.88 and a two-hundred day moving average of $21.32.

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, beating the consensus estimate of $1.03 by $0.52. The company had revenue of $208.04 million during 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, equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Insider Transactions at Heritage Insurance

In other Heritage Insurance news, CAO Sharon Binnun sold 21,000 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $24.47, for a total value of $513,870.00. Following the completion of the sale, the chief accounting officer directly owned 176,006 shares in the company, valued at $4,306,866.82. This represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard A. Widdicombe sold 100,000 shares of the company's stock in a transaction that occurred on 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 sale, the chairman owned 599,047 shares of the company's stock, valued at $14,466,985.05. This trade represents a 14.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,334 shares of company stock valued at $4,254,538 over the last three months. 14.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Heritage Insurance

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its position 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 valued at $672,000 after acquiring an additional 14,725 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Heritage Insurance by 1,366.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,299 shares of the insurance provider's stock valued at $207,000 after purchasing an additional 7,733 shares during the period. Tidal Investments LLC acquired a new stake in Heritage Insurance during the 2nd quarter valued at $351,000. Engineers Gate Manager LP acquired a new stake in Heritage Insurance during the 2nd quarter valued at $540,000. Finally, BNP Paribas Financial Markets raised its stake in 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 purchasing an additional 1,323 shares during the period. Institutional investors and hedge funds own 59.03% of the company's stock.

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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