Insider Selling: Heritage Insurance (NYSE:HRTG) CFO Sells 20,000 Shares of Stock

Key Points

• CFO Kirk Lusk sold 20,000 shares of Heritage Insurance stock for a total of $483,400, decreasing his ownership by 3.23% and leaving him with approximately 598,756 shares.
• Heritage Insurance's stock price increased by 1.6% on the day of trading, reaching $24.48 and exhibiting strong trading volume with 568,191 shares exchanged.
• The company reported earnings of $1.55 per share for the most recent quarter, exceeding the analyst estimate by $0.52, along with revenues of $208.04 million.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CFO Kirk Lusk sold 20,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $24.17, for a total value of $483,400.00. Following the completion of the transaction, the chief financial officer directly owned 598,756 shares in the company, valued at approximately $14,471,932.52. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Heritage Insurance Stock Up 11.9%

Shares of NYSE:HRTG traded up $3.02 during trading on Friday, reaching $28.45. 1,785,576 shares of the stock were exchanged, compared to its average volume of 373,857. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.82 and a quick ratio of 0.82. Heritage Insurance Holdings, Inc. has a 1-year low of $8.70 and a 1-year high of $29.10. The stock has a fifty day moving average of $22.37 and a two-hundred day moving average of $20.67. The firm has a market cap of $882.52 million, a price-to-earnings ratio of 8.20 and a beta of 1.05.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.52. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%.The company had revenue of $208.04 million for the quarter, compared to analyst estimates of $212.12 million. Research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Truist Financial upped their target price on Heritage Insurance from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday. Zacks Research raised Heritage Insurance to a "strong-buy" rating in a research report on Monday, August 11th. Finally, Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $31.50.

Institutional Investors Weigh In On Heritage Insurance

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP raised 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 valued at $23,498,000 after buying an additional 349,168 shares during the last quarter. American Century Companies Inc. grew its stake in Heritage Insurance by 17.7% in the 2nd quarter. American Century Companies Inc. now owns 796,605 shares of the insurance provider's stock valued at $19,867,000 after purchasing an additional 119,791 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in 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 valued at $16,180,000 after purchasing an additional 163,142 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Heritage Insurance by 69.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider's stock valued at $13,128,000 after purchasing an additional 216,019 shares during the period. Finally, Geode Capital Management LLC grew its stake in Heritage Insurance by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 517,803 shares of the insurance provider's stock valued at $12,917,000 after purchasing an additional 8,112 shares during the period. 59.03% of the stock is owned by hedge funds and other institutional investors.

About Heritage Insurance

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.