Ernie Garateix Sells 10,000 Shares of Heritage Insurance (NYSE:HRTG) Stock

Key Points

• CEO Ernie Garateix sold 10,000 Heritage Insurance shares at an average price of $34.88, generating $348,800. He retained 1,040,955 shares after the transaction.
• Heritage Insurance reported quarterly EPS of $2.05, beating analyst estimates of $1.25, while revenue reached $214.19 million. The stock was recently trading at $34.45, near its 52-week high of $36.50.
• Institutional ownership stands at 59.03%, and analyst sentiment is positive: the stock has a consensus “Buy” rating with a $36.50 target price.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $34.88, for a total value of $348,800.00. Following the completion of the sale, the chief executive officer owned 1,040,955 shares in the company, valued at $36,308,510.40. The trade was a 0.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Heritage Insurance Stock Up 0.7%

HRTG stock traded up $0.25 on Wednesday, reaching $34.45. 181,523 shares of the company traded hands, compared to its average volume of 367,363. Heritage Insurance Holdings, Inc. has a one year low of $20.48 and a one year high of $36.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $1.02 billion, a P/E ratio of 4.91 and a beta of 0.89. The firm has a fifty day simple moving average of $28.86 and a 200-day simple moving average of $26.69.

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

Institutional Investors Weigh In On Heritage Insurance

Several large investors have recently bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Heritage Insurance in the 2nd quarter worth about $960,000. California State Teachers Retirement System boosted its holdings in shares of Heritage Insurance by 3,509.9% during the 2nd quarter. California State Teachers Retirement System now owns 841,549 shares of the insurance provider's stock valued at $21,948,000 after acquiring an additional 818,237 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Heritage Insurance during the 2nd quarter valued at about $272,000. Empowered Funds LLC bought a new stake in shares of Heritage Insurance in the second quarter worth approximately $4,230,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Heritage Insurance in the second quarter worth approximately $917,000. 59.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Weiss Ratings reissued a "buy (b-)" rating on shares of Heritage Insurance in a research report on Friday, August 7th. Wall Street Zen raised shares of Heritage Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Piper Sandler upped their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Truist Financial increased their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Zacks Research raised shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $36.50.

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.

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