Heritage Insurance (NYSE:HRTG) Stock Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Heritage Insurance shares rose 2.5%, trading at $36.27 after crossing above the 50-day moving average of $33.97. The stock’s 200-day moving average is $28.60.
• Analyst sentiment is moderately bullish: three analysts rate HRTG a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $36.50.
• Heritage reported quarterly EPS of $2.05, exceeding the $1.25 consensus estimate, while revenue of $214.19 million slightly topped expectations. Institutional ownership stands at 59.03%, although company insiders have sold 77,069 shares over the past 90 days.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $33.97 and traded as high as $36.35. Heritage Insurance shares last traded at $36.27, with a volume of 226,709 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently weighed in on HRTG shares. Piper Sandler increased their price target on Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Weiss Ratings raised shares of Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, September 8th. Truist Financial boosted their target price on Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Zacks Research downgraded shares of Heritage Insurance from a "strong-buy" rating to a "hold" rating in a report on Friday, October 9th. Finally, Wall Street Zen raised shares of Heritage Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $36.50.

Heritage Insurance Stock Up 2.5%

The firm's 50 day moving average price is $33.97 and its two-hundred day moving average price is $28.60. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 5.17 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.80. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. The business had revenue of $214.19 million for the quarter, compared to analysts' expectations of $212.71 million. Sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.50 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Kirk Lusk sold 10,000 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $34.16, for a total transaction of $341,600.00. Following the sale, the chief financial officer directly owned 492,522 shares of the company's stock, valued at approximately $16,824,551.52. This represents a 1.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $33.91, for a total transaction of $311,972.00. Following the sale, the chief accounting officer directly owned 87,188 shares of the company's stock, valued at $2,956,545.08. This represents a 9.54% 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. Over the last 90 days, insiders have sold 77,069 shares of company stock worth $2,578,235. 9.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Heritage Insurance

A number of hedge funds have recently made changes to their positions in HRTG. Bank of New York Mellon Corp acquired a new stake in shares of Heritage Insurance during the 2nd quarter worth approximately $2,872,000. Bank of America Corp DE acquired a new position in shares of Heritage Insurance during the second quarter worth approximately $6,070,000. Corient Private Wealth LP bought a new position in shares of Heritage Insurance in the 2nd quarter worth $1,091,000. BlackRock Inc. bought a new stake in Heritage Insurance during the 2nd quarter valued at $60,842,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Heritage Insurance during the second quarter worth $917,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

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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