Timothy Johns Sells 3,500 Shares of Heritage Insurance (NYSE:HRTG) Stock

Key Points

• Insider sale: Timothy Johns sold 3,500 Heritage Insurance shares for approximately $117,880 under a pre-arranged Rule 10b5-1 plan, reducing his position by 12.09% to 25,438 shares.
• Strong quarterly results: Heritage reported quarterly EPS of $2.05, beating estimates by $0.80, while revenue of $214.19 million slightly exceeded forecasts. Net margin was 25.19% and return on equity was 42.41%.
• Positive market outlook: Analysts maintain a consensus “Buy” rating with a $36.50 target price, while the stock recently traded near $33.92. Institutional investors own 59.03% of the company.

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) insider Timothy Johns sold 3,500 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total value of $117,880.00. Following the transaction, the insider owned 25,438 shares of the company's stock, valued at $856,751.84. The trade was a 12.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Heritage Insurance Stock Performance

Heritage Insurance stock traded up $0.29 during midday trading on Friday, reaching $33.92. The stock had a trading volume of 254,623 shares, compared to its average volume of 369,368. 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 $1.01 billion, a PE ratio of 4.83 and a beta of 0.89. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $36.50. The firm's 50-day moving average price is $28.16 and its 200 day moving average price is $26.53.

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 (EPS) 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 net margin of 25.19% and a return on equity of 42.41%. As a group, research analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Heritage Insurance

Several large investors have recently added to or reduced their stakes in HRTG. Advisory Services Network LLC purchased a new stake in shares of Heritage Insurance in the 3rd quarter valued at about $25,000. Mcguire Capital Advisors Inc. purchased a new position in shares of Heritage Insurance during the fourth quarter worth about $31,000. Royal Bank of Canada increased its position in shares of Heritage Insurance by 72.6% in the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider's stock worth $35,000 after purchasing an additional 497 shares during the last quarter. Optiver Holding B.V. raised its stake in Heritage Insurance by 510.0% in the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 1,173 shares in the last quarter. Finally, Pinnacle Holdings LLC purchased a new stake in Heritage Insurance in the second quarter valued at approximately $48,000. Institutional investors own 59.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HRTG shares. Truist Financial lifted their price target on Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings reissued a "buy (b-)" rating on shares of Heritage Insurance in a report on Friday, August 7th. Wall Street Zen upgraded Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Piper Sandler lifted their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Finally, Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. One investment 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 stock has a consensus rating of "Buy" and a consensus target price of $36.50.

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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