Heritage Insurance (NYSE:HRTG) Shares Down 4.1% – Here’s Why

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) fell 4.1% during trading on Tuesday . The stock traded as low as $22.12 and last traded at $22.31. 72,404 shares were traded during trading, a decline of 82% from the average session volume of 409,349 shares. The stock had previously closed at $23.26.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 13th. Piper Sandler upped their target price on Heritage Insurance from $19.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Finally, Truist Financial boosted their price target on Heritage Insurance from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, May 8th.

Heritage Insurance Stock Performance

The firm has a market capitalization of $699.29 million, a price-to-earnings ratio of 8.92 and a beta of 1.02. The firm’s 50 day simple moving average is $22.35 and its 200 day simple moving average is $15.92. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.78.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.46 by $0.53. The company had revenue of $211.52 million for the quarter, compared to analyst estimates of $213.68 million. Heritage Insurance had a net margin of 9.29% and a return on equity of 26.95%. Sell-side analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Heritage Insurance news, Director Panagiotis Apostolou sold 25,000 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $25.40, for a total value of $635,000.00. Following the completion of the transaction, the director now owns 164,719 shares in the company, valued at approximately $4,183,862.60. This represents a 13.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 14.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Heritage Insurance by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock valued at $196,000 after acquiring an additional 546 shares during the last quarter. Stifel Financial Corp raised its stake in Heritage Insurance by 3.0% in the 4th quarter. Stifel Financial Corp now owns 56,825 shares of the insurance provider’s stock valued at $688,000 after purchasing an additional 1,640 shares during the last quarter. New York State Common Retirement Fund raised its stake in Heritage Insurance by 222.2% in the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 2,000 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Heritage Insurance by 18.1% in the 4th quarter. Wells Fargo & Company MN now owns 13,419 shares of the insurance provider’s stock valued at $162,000 after purchasing an additional 2,058 shares in the last quarter. Finally, Brandywine Global Investment Management LLC boosted its stake in Heritage Insurance by 21.7% during the 4th quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 2,210 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.