Heritage Insurance (NYSE:HRTG) Trading 4.9% Higher - Time to Buy?

Key Points

• Heritage Insurance shares rose 4.9% to about $35.51, while trading volume was 73% below the average daily level.
• Analyst sentiment is positive: the stock has an average “Buy” rating and a consensus price target of $36.50, with Truist Financial setting the highest cited target at $42.
• The company reported strong quarterly results, earning $2.05 per share versus the $1.25 estimate and generating $214.2 million in revenue. However, insiders have sold 61,204 shares worth approximately $1.87 million over the past 90 days.

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) were up 4.9% during trading on Monday . The company traded as high as $35.00 and last traded at $35.5140. 100,788 shares were traded during trading, a decline of 73% from the average daily volume of 367,543 shares. The stock had previously closed at $33.84.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on HRTG. Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Heritage Insurance in a research report on Friday, August 7th. Piper Sandler upped their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Truist Financial raised their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $36.50.

Heritage Insurance Price Performance

The firm has a market capitalization of $1.04 billion, a P/E ratio of 5.00 and a beta of 0.89. The company has a fifty day moving average of $28.39 and a 200 day moving average of $26.58. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.80. The firm had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. Sell-side analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current year.

Insider Activity at Heritage Insurance

In related news, insider Timothy E. Johns sold 3,500 shares of Heritage Insurance stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.68, for a total transaction of $117,880.00. Following the completion of the transaction, the insider owned 25,438 shares of the company's stock, valued at $856,751.84. This trade represents a 12.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kirk Lusk sold 10,000 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.16, for a total transaction of $341,600.00. Following the completion of the transaction, the chief financial officer owned 492,522 shares in the company, valued at approximately $16,824,551.52. The trade was a 1.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,204 shares of company stock valued at $1,866,683 over the last 90 days. 9.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Heritage Insurance

Several institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock worth $196,000 after purchasing an additional 546 shares in the last quarter. Millennium Management LLC grew its position in shares of Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock worth $4,657,000 after buying an additional 91,982 shares during the period. Empowered Funds LLC increased its stake in shares of Heritage Insurance by 8.4% in the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider's stock valued at $1,800,000 after acquiring an additional 9,728 shares in the last quarter. Strs Ohio acquired a new position in shares of Heritage Insurance during the 1st quarter valued at $127,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Heritage Insurance by 1,078.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock valued at $3,514,000 after acquiring an additional 128,927 shares during the period. Institutional investors own 59.03% of the company's stock.

About Heritage Insurance

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source