Short Interest in Heritage Insurance Holdings, Inc. (NYSE:HRTG) Decreases By 29.2%

Key Points

• Short interest in Heritage Insurance fell by 29.2% in April to 1,032,635 shares, equal to about 4.0% of the stock and a short-interest ratio of 4.1 days.
• Analyst sentiment is bullish with a consensus "Buy" rating and a consensus price target of $33.50; several firms recently upgraded or raised targets (e.g., Zacks to strong-buy, Truist to $39).
• Heritage topped quarterly estimates with $2.15 EPS vs. $1.61 expected, reporting a 23.08% net margin and 47.28% ROE; the stock trades at a PE of 4.73 and has a market cap near $919M.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) was the recipient of a large decrease in short interest in the month of April. As of April 15th, there was short interest totaling 1,032,635 shares, a decrease of 29.2% from the March 31st total of 1,459,256 shares. Based on an average daily trading volume, of 249,418 shares, the short-interest ratio is currently 4.1 days. Currently, 4.0% of the company's stock are short sold.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on HRTG shares. Citigroup reaffirmed a "market perform" rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Insurance in a report on Friday, March 27th. Zacks Research upgraded shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 11th. Finally, Truist Financial boosted their price target on shares of Heritage Insurance from $37.00 to $39.00 and gave the stock a "buy" rating in a report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $33.50.

Heritage Insurance Trading Up 2.2%

NYSE HRTG opened at $29.91 on Tuesday. 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 has a 52 week low of $16.83 and a 52 week high of $31.98. The stock has a market capitalization of $918.68 million, a PE ratio of 4.73 and a beta of 0.95. The firm has a 50 day moving average of $26.84 and a two-hundred day moving average of $26.90.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings results on Monday, March 9th. The insurance provider reported $2.15 EPS for the quarter, topping 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 company had revenue of $215.32 million during the quarter, compared to analysts' expectations of $212.60 million. As a group, research analysts expect that Heritage Insurance will post 4.7 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ernie J. Garateix sold 8,334 shares of the company's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $27.56, for a total transaction of $229,685.04. Following the sale, the chief executive officer directly owned 1,060,955 shares of the company's stock, valued at $29,239,919.80. This represents a 0.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $25.72, for a total transaction of $236,624.00. Following the sale, the chief accounting officer directly owned 133,188 shares in the company, valued at approximately $3,425,595.36. The trade was a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 121,718 shares of company stock valued at $3,179,898 in the last ninety days. Company insiders own 14.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HRTG. Advisory Services Network LLC acquired a new position in shares of Heritage Insurance in the 3rd quarter valued at $25,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Heritage Insurance in the 4th quarter valued at $31,000. Royal Bank of Canada boosted its holdings in shares of Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider's stock valued at $35,000 after buying an additional 497 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Heritage Insurance in the 3rd quarter valued at $36,000. Finally, Harbour Investments Inc. acquired a new position in shares of Heritage Insurance in the 4th quarter valued at $50,000. Institutional investors and hedge funds own 59.03% of the company's stock.

Heritage Insurance Company Profile

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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