Heritage Insurance (NYSE:HRTG) Hits New 52-Week High - Time to Buy?

Key Points

• Heritage Insurance shares reached a new 52-week high of $37.36, trading up 2.8% and above their 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive, with an average rating of “Moderate Buy” and a consensus price target of $36.50; targets range from $31 to $42.
• The company reported quarterly EPS of $2.05, substantially exceeding the $1.25 consensus estimate, while revenue slightly surpassed expectations. However, insiders have sold 77,069 shares worth approximately $2.58 million over the past three months.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday. The stock traded as high as $37.36 and last traded at $36.9340, with a volume of 229,626 shares. The stock had previously closed at $35.93.

Analysts Set New Price Targets

Several research firms recently commented on HRTG. Weiss Ratings upgraded Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, September 8th. Wall Street Zen upgraded Heritage Insurance from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Zacks Research cut shares of Heritage Insurance from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 9th. Piper Sandler raised their price objective on Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Finally, Truist Financial lifted their price target on Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $36.50.

Heritage Insurance Trading Up 2.8%

The business has a 50-day moving average of $34.34 and a two-hundred day moving average of $28.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 5.26 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. The company had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. Research analysts predict that Heritage Insurance Holdings, Inc. will post 5.33 EPS for the current fiscal year.

Insider Transactions at Heritage Insurance

In related news, CEO Ernie Garateix sold 2,500 shares of Heritage Insurance stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $35.25, for a total value of $88,125.00. Following the sale, the chief executive officer owned 1,035,955 shares of the company's stock, valued at approximately $36,517,413.75. This trade represents a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Timothy E. Johns sold 3,500 shares of Heritage Insurance stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $34.74, for a total value of $121,590.00. Following the completion of the sale, the insider directly owned 21,938 shares in the company, valued at approximately $762,126.12. This represents a 13.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 77,069 shares of company stock valued at $2,578,235. Corporate insiders own 9.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Private Wealth Services LLC raised its stake in Heritage Insurance by 1.9% during the first quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider's stock worth $690,000 after acquiring an additional 489 shares in the last quarter. Optiver Holding B.V. raised its holdings in Heritage Insurance by 510.0% during the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider's stock worth $37,000 after purchasing an additional 1,173 shares during the last quarter. Pinnacle Holdings LLC bought a new stake in Heritage Insurance during the second quarter valued at $48,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Heritage Insurance by 23.1% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,264 shares of the insurance provider's stock worth $296,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Heritage Insurance by 3,774.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,906 shares of the insurance provider's stock worth $85,000 after acquiring an additional 2,831 shares in the last quarter. 59.03% of the stock is currently owned by institutional investors.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance holding company focused primarily on residential property insurance. Through its operating subsidiaries, the company provides coverage for homeowners, condominium owners, renters, and other residential property owners, including protection against risks such as wind, storm, fire, and other covered losses.

Heritage has historically concentrated on catastrophe-exposed markets, particularly Florida and other coastal areas of the southeastern United States.

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