Insider Selling: Heritage Insurance (NYSE:HRTG) CEO Sells $87,750.00 in Stock

Key Points

• Heritage Insurance CEO Ernie Garateix sold 2,500 shares at an average price of $35.10, generating $87,750. After the transaction, he retained 1,038,455 shares, a 0.24% reduction in his stake.
• Heritage reported strong quarterly results, with EPS of $2.05 beating estimates of $1.25 and revenue of $214.19 million exceeding expectations. The company posted a 25.19% net margin and 42.41% return on equity.
• Analyst sentiment remains positive, with the stock carrying a consensus “Buy” rating and an average price target of $36.50; institutional investors own approximately 59.03% of outstanding shares.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 2,500 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $35.10, for a total transaction of $87,750.00. Following the completion of the sale, the chief executive officer owned 1,038,455 shares of the company's stock, valued at $36,449,770.50. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Heritage Insurance Stock Performance

Shares of NYSE:HRTG traded up $0.45 during midday trading on Tuesday, hitting $34.40. The stock had a trading volume of 239,466 shares, compared to its average volume of 361,766. Heritage Insurance Holdings, Inc. has a 1 year low of $20.48 and a 1 year high of $36.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $30.58 and a two-hundred day moving average price of $27.25. The company has a market capitalization of $1.02 billion, a PE ratio of 4.90 and a beta of 0.92.

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

Wall Street Analyst Weigh In

HRTG has been the topic of a number of analyst reports. Weiss Ratings restated a "buy (b-)" rating on shares of Heritage Insurance in a research note on Friday, August 7th. Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 12th. Wall Street Zen raised Heritage Insurance from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Piper Sandler boosted their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Truist Financial upped their price target 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $36.50.

Institutional Investors Weigh In On Heritage Insurance

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Heritage Insurance in the 2nd quarter worth approximately $60,842,000. Vanguard Group Inc. raised its holdings in Heritage Insurance by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider's stock worth $55,039,000 after purchasing an additional 234,296 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Heritage Insurance by 3.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider's stock worth $32,732,000 after purchasing an additional 36,879 shares in the last quarter. Marshall Wace LLP boosted its position in Heritage Insurance by 8.7% during the third quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider's stock worth $25,793,000 after purchasing an additional 82,190 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in Heritage Insurance by 3,509.9% in the second quarter. California State Teachers Retirement System now owns 841,549 shares of the insurance provider's stock valued at $21,948,000 after purchasing an additional 818,237 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 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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