Heritage Insurance (NYSE:HRTG) Insider Sells 3,500 Shares of Stock

Key Points

• Insider transaction: Timothy Johns sold 3,500 Heritage Insurance shares at an average price of $35.91, worth $125,685, reducing his position by 15.95%. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Strong financial performance: Heritage reported quarterly earnings of $2.05 per share, beating estimates by $0.80, while revenue of $214.19 million also exceeded expectations. Analysts project full-year earnings of $5.33 per share.
• Market and analyst outlook: Shares recently traded at $37.03, near their 12-month high of $37.36, with a consensus “Moderate Buy” rating and a $36.50 price target. Institutional investors own approximately 59.03% of the company.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) insider Timothy Johns sold 3,500 shares of the stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $35.91, for a total value of $125,685.00. Following the sale, the insider directly owned 18,438 shares in the company, valued at $662,108.58. This represents a 15.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Heritage Insurance Price Performance

Heritage Insurance stock traded up $0.05 during mid-day trading on Wednesday, reaching $37.03. 168,075 shares of the company were exchanged, compared to its average volume of 346,280. The company has a fifty day simple moving average of $34.34 and a 200-day simple moving average of $28.97. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $37.36. 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 firm has a market cap of $1.10 billion, a PE ratio of 5.28 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. The firm had revenue of $214.19 million during the quarter, compared to analysts' expectations of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. As a group, equities research analysts expect that Heritage Insurance Holdings, Inc. will post 5.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HRTG has been the subject of a number of analyst reports. Zacks Research downgraded Heritage Insurance from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 9th. Weiss Ratings upgraded shares of Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, September 8th. Truist Financial increased their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen raised shares of Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, Piper Sandler boosted their target price 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. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.50.

Institutional Investors Weigh In On Heritage Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its stake in shares of Heritage Insurance by 170.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 6,393 shares of the insurance provider's stock valued at $212,000 after purchasing an additional 4,025 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Heritage Insurance by 7.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 282,917 shares of the insurance provider's stock valued at $9,379,000 after purchasing an additional 19,596 shares during the last quarter. Engineers Gate Manager LP increased its position in Heritage Insurance by 308.0% during the 2nd quarter. Engineers Gate Manager LP now owns 38,182 shares of the insurance provider's stock worth $996,000 after purchasing an additional 28,824 shares in the last quarter. Corient Private Wealth LP acquired a new position in Heritage Insurance during the 2nd quarter worth approximately $1,091,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Heritage Insurance during the 2nd quarter worth approximately $960,000. 59.03% of the stock is currently owned by institutional investors.

About Heritage Insurance

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.

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