Heritage Insurance (NYSE:HRTG) Trading Down 4.1% - Here's What Happened

Key Points

• Heritage Insurance Holdings' stock (NYSE:HRTG) fell by 4.1% during mid-day trading, with a significant decline in trading volume, dropping to 64,781 shares compared to the average of 395,054 shares.
• Several analysts have downgraded Heritage Insurance's rating recently, with Zacks Research moving it from a "strong-buy" to a "hold," while Truist Financial increased their target price from $30.00 to $35.00 and maintained a "buy" rating.
• Insider transactions revealed that CFO Kirk Lusk sold 6,803 shares at an average price of $24.16, indicating a 1.16% decrease in his ownership of the stock.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) was down 4.1% during mid-day trading on Wednesday . The stock traded as low as $26.72 and last traded at $26.70. Approximately 64,781 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 395,054 shares. The stock had previously closed at $27.83.

Analysts Set New Price Targets

Several research firms have commented on HRTG. Zacks Research cut shares of Heritage Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Wall Street Zen cut shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Weiss Ratings restated a "hold (c+)" rating on shares of Heritage Insurance in a report on Wednesday, October 8th. Finally, Truist Financial upped their target price on shares of Heritage Insurance from $30.00 to $35.00 and gave the company a "buy" rating in a report on Friday, September 19th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.50.

Heritage Insurance Stock Performance

The firm's 50-day moving average is $23.70 and its 200 day moving average is $22.11. The stock has a market cap of $818.68 million, a PE ratio of 7.61 and a beta of 0.98. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.82 and a current ratio of 0.82.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.52. The company had revenue of $208.04 million during the quarter, compared to the consensus estimate of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. As a group, research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Insider Transactions at Heritage Insurance

In related news, CFO Kirk Lusk sold 6,803 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $24.16, for a total value of $164,360.48. Following the sale, the chief financial officer directly owned 578,756 shares of the company's stock, valued at approximately $13,982,744.96. This represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard A. Widdicombe sold 100,000 shares of the firm's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $24.15, for a total transaction of $2,415,000.00. Following the sale, the chairman directly owned 599,047 shares in the company, valued at $14,466,985.05. This represents a 14.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 194,334 shares of company stock worth $4,745,788 in the last 90 days. Insiders own 14.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HRTG. USA Financial Formulas purchased a new position in Heritage Insurance in the second quarter valued at approximately $25,000. Nisa Investment Advisors LLC grew its position in shares of Heritage Insurance by 2,413.6% during the second quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider's stock worth $28,000 after buying an additional 1,062 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Heritage Insurance in the third quarter worth $66,000. BNP Paribas Financial Markets boosted its holdings in Heritage Insurance by 77.3% in the second quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock worth $76,000 after purchasing an additional 1,323 shares during the period. Finally, AlphaQuest LLC lifted its stake in 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 last quarter. Hedge funds and other 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.

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