Heritage Insurance (NYSE:HRTG) Stock Price Down 11.9% - Here's What Happened

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s share price traded down 11.9% on Monday . The company traded as low as $22.22 and last traded at $22.06. 180,182 shares were traded during trading, a decline of 55% from the average session volume of 401,507 shares. The stock had previously closed at $25.04.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Truist Financial raised their price objective on Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Piper Sandler lifted their price target on Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Finally, Wall Street Zen upgraded shares of Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th.

Heritage Insurance Stock Down 7.8%

The firm has a 50-day moving average of $20.68 and a two-hundred day moving average of $15.10. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $715.32 million, a PE ratio of 9.14 and a beta of 1.03.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.53. The business had revenue of $211.52 million for the quarter, compared to analyst estimates of $213.68 million. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. On average, equities research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Insider Activity

In other Heritage Insurance news, CEO Ernie J. Garateix purchased 5,000 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were acquired at an average price of $12.77 per share, for a total transaction of $63,850.00. Following the completion of the purchase, the chief executive officer now owns 1,270,808 shares in the company, valued at $16,228,218.16. The trade was a 0.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Panagiotis Apostolou sold 25,000 shares of Heritage Insurance 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 sale, the director now owns 164,719 shares in the company, valued at $4,183,862.60. This represents a 13.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 21,000 shares of company stock valued at $280,450. Company insiders own 15.20% of the company's stock.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Heritage Insurance during the 4th quarter worth approximately $7,799,000. Segall Bryant & Hamill LLC increased its position in Heritage Insurance by 176.9% in the 4th quarter. Segall Bryant & Hamill LLC now owns 348,556 shares of the insurance provider's stock valued at $4,218,000 after acquiring an additional 222,689 shares during the period. Pacific Ridge Capital Partners LLC raised its stake in Heritage Insurance by 33.7% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 813,557 shares of the insurance provider's stock valued at $9,844,000 after acquiring an additional 205,195 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Heritage Insurance by 14.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider's stock worth $18,993,000 after acquiring an additional 193,590 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Heritage Insurance by 24.0% in the fourth quarter. Invesco Ltd. now owns 944,639 shares of the insurance provider's stock worth $11,430,000 after purchasing an additional 182,624 shares in the last quarter. Institutional investors own 59.03% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.