Insider Selling: Heritage Insurance (NYSE:HRTG) CEO Sells 8,334 Shares of Stock

Key Points

• CEO Ernie Garateix sold 8,334 shares on April 20 at an average price of $27.56 under a pre-arranged Rule 10b5-1 plan, trimming his stake by 0.78% to 1,060,955 shares (about $29.24M).
• Heritage beat expectations in Q1 with EPS of $2.15 vs. $1.61 and revenue of $215.32M, posting a 47.28% ROE and 23.08% net margin, and analysts hold a consensus Buy rating with a $33.50 price target.
• Shares slid 1.5% to $26.91, the stock has a market cap of $826.8M and a PE of 4.26, and institutional investors own roughly 59% of the company with several funds recently increasing positions.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CEO Ernie Garateix sold 8,334 shares of the company's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $27.56, for a total value of $229,685.04. Following the completion of the sale, the chief executive officer owned 1,060,955 shares in the company, valued at $29,239,919.80. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Heritage Insurance Trading Down 1.5%

HRTG stock traded down $0.40 during trading on Tuesday, hitting $26.91. The company had a trading volume of 202,538 shares, compared to its average volume of 311,740. The business has a 50-day moving average of $26.52 and a 200-day moving average of $26.79. Heritage Insurance Holdings, Inc. has a one year low of $16.83 and a one year high of $31.98. The stock has a market cap of $826.80 million, a PE ratio of 4.26 and a beta of 0.95. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.54. Heritage Insurance had a return on equity of 47.28% and a net margin of 23.08%.The firm had revenue of $215.32 million for the quarter, compared to analyst estimates of $212.60 million. Research analysts predict that Heritage Insurance Holdings, Inc. will post 4.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Heritage Insurance

A number of institutional investors have recently modified their holdings of HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Heritage Insurance by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock worth $196,000 after purchasing an additional 546 shares during the period. Millennium Management LLC raised its position in shares of Heritage Insurance by 39.8% during the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock worth $4,657,000 after purchasing an additional 91,982 shares during the period. Empowered Funds LLC raised its position in shares of Heritage Insurance by 8.4% during the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider's stock worth $1,800,000 after purchasing an additional 9,728 shares during the period. Strs Ohio acquired a new position in shares of Heritage Insurance during the first quarter worth approximately $127,000. Finally, JPMorgan Chase & Co. raised its position in shares of Heritage Insurance by 1,078.7% during the second quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock worth $3,514,000 after purchasing an additional 128,927 shares during the period. 59.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HRTG has been the topic of several recent analyst reports. Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 11th. Truist Financial boosted their price target on Heritage Insurance from $37.00 to $39.00 and gave the company a "buy" rating in a research note on Monday, March 9th. Citigroup reissued a "market perform" rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Heritage Insurance in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $33.50.

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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