Heritage Insurance (NYSE:HRTG) Stock Price Down 5.5% - Here's What Happened

Key Points

• Heritage Insurance shares fell 5.5% on Wednesday, closing at $23.80, with a trading volume that was 24% lower than its average.
• Analysts have a consensus rating of Buy for the stock, with a target price set at $31.50, following various upgrades and downgrades from research firms.
• Insider trading activity saw CEO Ernie J. Garateix and CAO Sharon Binnun selling a combined 29,334 shares of the company's stock recently, reflecting a slight decrease in ownership by both individuals.

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) fell 5.5% on Wednesday . The stock traded as low as $23.97 and last traded at $23.80. 297,096 shares changed hands during trading, a decline of 24% from the average session volume of 389,284 shares. The stock had previously closed at $25.18.

Analysts Set New Price Targets

Several research firms have weighed in on HRTG. Zacks Research upgraded Heritage Insurance to a "strong-buy" rating in a report on Monday, August 11th. Truist Financial lifted their target price on Heritage Insurance from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Finally, Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report 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's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $31.50.

Heritage Insurance Price Performance

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24. The firm has a market cap of $736.66 million, a P/E ratio of 6.84 and a beta of 1.05. The business has a fifty day moving average of $22.88 and a 200 day moving average of $21.32.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.52. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%.The business had revenue of $208.04 million during the quarter, compared to analysts' expectations of $212.12 million. On average, sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

Insider Activity at Heritage Insurance

In other news, CEO Ernie J. Garateix sold 8,334 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $27.24, for a total transaction of $227,018.16. Following the completion of the sale, the chief executive officer owned 1,237,474 shares in the company, valued at $33,708,791.76. The trade was a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Sharon Binnun sold 21,000 shares of the business'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 sale, the chief accounting officer owned 176,006 shares of the company's stock, valued at approximately $4,306,866.82. This represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 174,334 shares of company stock valued at $4,254,538. Insiders own 14.00% of the company's stock.

Institutional Investors Weigh In On Heritage Insurance

Institutional investors have recently made changes to their positions in the company. USA Financial Formulas bought a new stake in shares of Heritage Insurance during the second quarter worth approximately $25,000. Nisa Investment Advisors LLC boosted its stake in shares of Heritage Insurance by 2,413.6% in the second quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider's stock valued at $28,000 after buying an additional 1,062 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Heritage Insurance by 77.3% in the second quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock valued at $76,000 after buying an additional 1,323 shares during the period. AlphaQuest LLC boosted its stake in shares of Heritage Insurance by 252.3% in the second quarter. AlphaQuest LLC now owns 3,259 shares of the insurance provider's stock valued at $81,000 after buying an additional 2,334 shares during the period. Finally, Strs Ohio bought a new stake in shares of Heritage Insurance in the first quarter valued at approximately $127,000. 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.