Heritage Insurance (NYSE:HRTG) Trading Down 4.9% Following Insider Selling

Key Points

• Heritage Insurance's stock price fell by 4.9% to $22.64 following the insider sale of 21,000 shares by CAO Sharon Binnun, representing a significant decrease in her ownership.
• Analysts have mixed views on the stock, with Wall Street Zen lowering its rating from "strong-buy" to "buy" while Zacks Research upgraded it to “strong-buy”, leading to an average price target of $29.00.
• The company reported earnings per share of $1.55, exceeding analysts' estimates, although revenue was slightly below expectations at $208.04 million.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s stock price dropped 4.9% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $22.77 and last traded at $22.64. Approximately 68,704 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 361,124 shares. The stock had previously closed at $23.81.

Specifically, CAO Sharon Binnun sold 21,000 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $24.47, for a total transaction of $513,870.00. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Zacks Research raised shares of Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. Wall Street Zen cut shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $29.00.

Heritage Insurance Stock Performance

The firm's fifty day moving average price is $22.03 and its 200 day moving average price is $20.25. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $760.92 million, a price-to-earnings ratio of 7.07 and a beta of 1.05.

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

Institutional Investors Weigh In On Heritage Insurance

A number of hedge funds have recently added to or reduced their stakes in HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Heritage Insurance by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock valued at $196,000 after purchasing an additional 546 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Heritage Insurance in the 2nd quarter valued at approximately $25,000. Nisa Investment Advisors LLC increased its position in shares of Heritage Insurance by 2,413.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 1,062 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Heritage Insurance by 77.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock valued at $76,000 after purchasing an additional 1,323 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its position in shares of Heritage Insurance by 33.2% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 5,749 shares of the insurance provider's stock valued at $143,000 after purchasing an additional 1,432 shares during the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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.