Heritage Insurance (NYSE:HRTG) Stock Price Up 3.9% - Here's What Happened

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s share price shot up 3.9% during mid-day trading on Friday . The stock traded as high as $24.72 and last traded at $24.66. 153,370 shares were traded during trading, a decline of 61% from the average session volume of 396,157 shares. The stock had previously closed at $23.72.

Wall Street Analyst Weigh In

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

Heritage Insurance Stock Up 3.3%

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76. The stock's fifty day simple moving average is $19.64 and its 200-day simple moving average is $14.66. The stock has a market cap of $759.33 million, a P/E ratio of 9.80 and a beta of 0.95.

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

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, CEO Ernie J. Garateix acquired 5,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was purchased at an average cost of $12.77 per share, for a total transaction of $63,850.00. Following the completion of the acquisition, the chief executive officer now owns 1,270,808 shares of the company's stock, valued at approximately $16,228,218.16. This trade represents a 0.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Panagiotis Apostolou sold 25,000 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $25.40, for a total transaction of $635,000.00. Following the sale, the director now owns 164,719 shares of the company's stock, valued at $4,183,862.60. This trade represents a 13.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 21,000 shares of company stock valued at $280,450. Corporate insiders own 14.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HRTG. SG Americas Securities LLC bought a new stake in Heritage Insurance during the fourth quarter worth about $134,000. Exchange Traded Concepts LLC bought a new stake in Heritage Insurance during the fourth quarter worth about $296,000. Empowered Funds LLC grew its stake in Heritage Insurance by 5.1% during the fourth quarter. Empowered Funds LLC now owns 115,131 shares of the insurance provider's stock worth $1,393,000 after buying an additional 5,579 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Heritage Insurance by 222.2% during the fourth quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Ieq Capital LLC bought a new stake in shares of Heritage Insurance during the fourth quarter valued at approximately $303,000. Institutional investors and hedge funds 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.