Kirk Lusk Sells 20,000 Shares of Heritage Insurance (NYSE:HRTG) 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 company's stock in a transaction dated Friday, September 12th. The stock was 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. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Heritage Insurance Stock Up 1.6%

HRTG stock traded up $0.39 during mid-day trading on Tuesday, hitting $24.48. The stock had a trading volume of 568,191 shares, compared to its average volume of 366,279. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.24. Heritage Insurance Holdings, Inc. has a 1-year low of $8.70 and a 1-year high of $26.64. The company has a fifty day moving average of $22.05 and a 200 day moving average of $20.34. The stock has a market capitalization of $759.37 million, a price-to-earnings ratio of 7.05 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 the consensus estimate 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. On average, equities analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Institutional Trading of Heritage Insurance

Several hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted its stake in Heritage Insurance by 120.6% during the 2nd quarter. Osaic Holdings Inc. now owns 26,937 shares of the insurance provider's stock valued at $672,000 after purchasing an additional 14,725 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Heritage Insurance by 1,366.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,299 shares of the insurance provider's stock worth $207,000 after acquiring an additional 7,733 shares during the period. Tidal Investments LLC bought a new stake in shares of Heritage Insurance in the 2nd quarter worth approximately $351,000. Engineers Gate Manager LP bought a new stake in shares of Heritage Insurance in the 2nd quarter worth approximately $540,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Heritage Insurance by 77.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock worth $76,000 after acquiring an additional 1,323 shares during the period. Institutional investors own 59.03% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HRTG. Wall Street Zen downgraded Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Zacks Research upgraded Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $29.00.

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.

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