Ernie Garateix Sells 2,500 Shares of Heritage Insurance (NYSE:HRTG) Stock

Key Points

• CEO Ernie Garateix sold 2,500 Heritage Insurance shares at an average price of $35.25, generating $88,125; he continues to own approximately 1.04 million shares.
• Heritage Insurance reported quarterly EPS of $2.05, exceeding estimates of $1.25, while revenue of $214.19 million also topped expectations.
• Investor sentiment remains positive: analysts give the stock an average “Buy” rating with a $36.50 target price, and institutional investors own 59.03% of the company.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 2,500 shares of the business's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $35.25, for a total value of $88,125.00. Following the transaction, the chief executive officer owned 1,035,955 shares in the company, valued at approximately $36,517,413.75. This represents a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Heritage Insurance Stock Up 0.7%

Shares of HRTG stock traded up $0.25 during trading hours on Wednesday, reaching $35.03. The company had a trading volume of 192,399 shares, compared to its average volume of 357,185. The company has a market capitalization of $1.04 billion, a P/E ratio of 4.99 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. Heritage Insurance Holdings, Inc. has a twelve month low of $20.48 and a twelve month high of $36.50. The stock's fifty day simple moving average is $31.49 and its 200 day simple moving average is $27.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly 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. The firm had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. As a group, sell-side analysts expect that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. 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 report on Thursday, August 6th. Piper Sandler raised their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Wall Street Zen raised Heritage Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Weiss Ratings raised Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, September 8th. Finally, Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Heritage Insurance currently has an average rating of "Buy" and an average target price of $36.50.

Institutional Investors Weigh In On Heritage Insurance

A number of institutional investors have recently modified their holdings of HRTG. BlackRock Inc. bought a new position in Heritage Insurance during the second quarter worth $60,842,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Heritage Insurance in the second quarter worth $14,437,000. Bank of America Corp DE bought a new stake in Heritage Insurance during the second quarter valued at $6,070,000. Quartz Partners LLC bought a new stake in Heritage Insurance during the second quarter valued at $4,924,000. Finally, Empowered Funds LLC acquired a new stake in shares of Heritage Insurance during the second quarter worth $4,230,000. Institutional investors and hedge funds own 59.03% of the company's stock.

About Heritage Insurance

Heritage Insurance Holdings, Inc is a property and casualty insurance company that provides residential property coverage through its insurance subsidiaries. Its products primarily include homeowners insurance and related coverage for personal and commercial residential properties, including protection against risks such as wind, fire and other property damage.

The company focuses on serving customers in catastrophe-exposed coastal markets, particularly in the Southeastern United States.

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