Sharon Binnun Sells 9,200 Shares of Heritage Insurance (NYSE:HRTG) Stock

Key Points

• Sharon Binnun, Heritage's CAO, sold 9,200 shares on May 1 at an average price of $28.99 for $266,708, cutting her stake by 6.91% to 123,988 shares; the sale was executed under a pre-arranged Rule 10b5-1 trading plan.
• Heritage Insurance (NYSE: HRTG) traded near $29 with a market cap of about $891 million and a low P/E of 4.59, and it reported a quarterly beat of EPS $2.15 vs. $1.61 with revenue slightly above estimates.
• Analysts hold a consensus "Buy" rating with a $33.50 price target, and institutional investors own roughly 59% of the stock as several large funds (Vanguard, JPMorgan, Nuveen, Millennium) recently increased positions.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) CAO Sharon Binnun sold 9,200 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $28.99, for a total transaction of $266,708.00. Following the completion of the transaction, the chief accounting officer directly owned 123,988 shares of the company's stock, valued at approximately $3,594,412.12. This trade represents a 6.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sharon Binnun also recently made the following trade(s):

• On Wednesday, April 1st, Sharon Binnun sold 9,200 shares of Heritage Insurance stock. The stock was sold at an average price of $25.72, for a total transaction of $236,624.00.
• On Tuesday, March 17th, Sharon Binnun sold 7,893 shares of Heritage Insurance stock. The stock was sold at an average price of $28.35, for a total transaction of $223,766.55.

Heritage Insurance Stock Performance

HRTG traded up $0.58 on Tuesday, hitting $29.01. The company's stock had a trading volume of 255,184 shares, compared to its average volume of 311,704. The company's 50 day simple moving average is $27.16 and its 200-day simple moving average is $26.97. The firm has a market cap of $891.12 million, a P/E ratio of 4.59 and a beta of 1.03. Heritage Insurance Holdings, Inc. has a 12 month low of $16.83 and a 12 month high of $31.98. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16.

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

Institutional Trading of Heritage Insurance

A number of hedge funds have recently made changes to their positions in HRTG. Vanguard Group Inc. lifted its holdings in shares of Heritage Insurance by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider's stock worth $55,039,000 after acquiring an additional 234,296 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Heritage Insurance by 1,078.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock worth $3,514,000 after acquiring an additional 128,927 shares during the last quarter. Nuveen LLC lifted its holdings in shares of Heritage Insurance by 181.7% during the 4th quarter. Nuveen LLC now owns 169,454 shares of the insurance provider's stock worth $4,958,000 after acquiring an additional 109,307 shares during the last quarter. Pacific Ridge Capital Partners LLC lifted its holdings in shares of Heritage Insurance by 27.2% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider's stock worth $11,556,000 after acquiring an additional 98,246 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock worth $4,657,000 after acquiring an additional 91,982 shares during the last quarter. 59.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on HRTG shares. Citigroup reissued a "market perform" rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Weiss Ratings reissued a "buy (b)" rating on shares of Heritage Insurance in a report on Friday, March 27th. Truist Financial raised their price target on shares of Heritage Insurance from $37.00 to $39.00 and gave the company a "buy" rating in a report on Monday, March 9th. Finally, Zacks Research raised shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company 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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