Ernie J. Garateix Sells 25,000 Shares of Heritage Insurance (NYSE:HRTG) Stock

Key Points

• Heritage Insurance CEO Ernie Garateix sold 25,000 shares of the company's stock for a total of $615,250, reducing his ownership by 1.97% and retaining 1,245,808 shares thereafter.
• The company's stock price increased by 1.4% to $24.83, with a market cap of $770.20 million and a price-to-earnings ratio of 7.16.
• Heritage Insurance recently reported earnings of $1.55 per share for the last quarter, exceeding analysts' expectations, and has a current consensus rating of "Buy" from analysts.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie J. Garateix sold 25,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $24.61, for a total value of $615,250.00. Following the transaction, the chief executive officer directly owned 1,245,808 shares of the company's stock, valued at $30,659,334.88. This trade represents a 1.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Heritage Insurance Stock Performance

Shares of HRTG traded up $3.02 during mid-day trading on Friday, reaching $28.45. The company's stock had a trading volume of 1,785,576 shares, compared to its average volume of 447,980. 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 cap of $882.52 million, a P/E ratio of 8.20 and a beta of 1.05. Heritage Insurance Holdings, Inc. has a 1-year low of $8.70 and a 1-year high of $29.10. The business has a 50-day simple moving average of $22.37 and a two-hundred day simple moving average of $20.73.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced 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. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. The firm had revenue of $208.04 million for the quarter, compared to analyst estimates of $212.12 million. As a group, equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Institutional Trading of Heritage Insurance

Several institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP grew its position in Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider's stock worth $23,498,000 after purchasing an additional 349,168 shares during the period. American Century Companies Inc. boosted its stake in shares of Heritage Insurance by 17.7% in the 2nd quarter. American Century Companies Inc. now owns 796,605 shares of the insurance provider's stock worth $19,867,000 after buying an additional 119,791 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Heritage Insurance by 33.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider's stock worth $16,180,000 after buying an additional 163,142 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Heritage Insurance by 69.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider's stock valued at $13,128,000 after acquiring an additional 216,019 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Heritage Insurance by 1.6% in the second quarter. Geode Capital Management LLC now owns 517,803 shares of the insurance provider's stock valued at $12,917,000 after acquiring an additional 8,112 shares during the period. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on HRTG. Zacks Research raised Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. Truist Financial boosted their target price on shares of Heritage Insurance from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Friday. Finally, Wall Street Zen cut shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $31.50.

Heritage Insurance Company Profile

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.