Heritage Insurance (NYSE:HRTG) Shares Down 6.5% – Should You Sell?

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price dropped 6.5% during trading on Friday . The company traded as low as $33.22 and last traded at $32.9160. 42,279 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 372,387 shares. The stock had previously closed at $35.21.

Wall Street Analyst Weigh In

HRTG has been the subject of a number of recent research reports. Wall Street Zen lowered Heritage Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research upgraded Heritage Insurance from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Weiss Ratings downgraded Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Truist Financial upped their target price on Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Piper Sandler increased their target price on Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.50.

Heritage Insurance Stock Down 7.1%

The firm has a market cap of $992.75 million, a P/E ratio of 4.66 and a beta of 0.89. The firm’s 50-day moving average price is $26.07 and its 200 day moving average price is $26.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.80. Heritage Insurance had a return on equity of 44.15% and a net margin of 25.19%.The firm had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million. On average, equities research analysts expect that Heritage Insurance Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Insider Activity at Heritage Insurance

In other news, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $30.03, for a total value of $276,276.00. Following the completion of the sale, the chief accounting officer directly owned 96,388 shares in the company, valued at approximately $2,894,531.64. The trade was a 8.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting purchased 16,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were purchased at an average cost of $23.56 per share, for a total transaction of $376,960.00. Following the completion of the transaction, the director owned 103,126 shares in the company, valued at approximately $2,429,648.56. This represents a 18.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders sold 27,600 shares of company stock valued at $744,924. Insiders own 9.20% of the company’s stock.

Institutional Trading of Heritage Insurance

A number of institutional investors and hedge funds have recently modified their holdings of the business. Advisory Services Network LLC acquired a new position in shares of Heritage Insurance in the 3rd quarter valued at about $25,000. Mcguire Capital Advisors Inc. acquired a new stake in Heritage Insurance during the fourth quarter worth about $31,000. Royal Bank of Canada raised its stake in Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares during the period. Optiver Holding B.V. lifted its holdings 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 worth $37,000 after acquiring an additional 1,173 shares during the last quarter. Finally, Harbour Investments Inc. bought a new position in Heritage Insurance in the fourth quarter worth about $50,000. 59.03% of the stock is owned by institutional investors and hedge funds.

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.