Ernie Garateix Sells 10,000 Shares of Heritage Insurance (NYSE:HRTG) Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CEO Ernie Garateix sold 10,000 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $34.88, for a total transaction of $348,800.00. Following the sale, the chief executive officer owned 1,040,955 shares of the company’s stock, valued at approximately $36,308,510.40. This represents a 0.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Heritage Insurance Stock Performance

Shares of NYSE HRTG traded up $0.25 during midday trading on Wednesday, hitting $34.45. 181,523 shares of the stock traded hands, compared to its average volume of 367,363. The firm has a market capitalization of $1.02 billion, a P/E ratio of 4.91 and a beta of 0.89. Heritage Insurance Holdings, Inc. has a one year low of $20.48 and a one year high of $36.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a 50-day moving average of $28.86 and a two-hundred day moving average of $26.69.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.25 by $0.80. The company had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. On average, equities analysts forecast that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current fiscal year.

Analyst Ratings Changes

HRTG has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Piper Sandler upped their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Finally, Truist Financial lifted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One equities 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $36.50.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Heritage Insurance by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock worth $196,000 after acquiring an additional 546 shares in the last quarter. Millennium Management LLC boosted its position in shares of Heritage Insurance by 39.8% in the first quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after purchasing an additional 91,982 shares during the period. Empowered Funds LLC boosted its position in shares of Heritage Insurance by 8.4% in the first quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after purchasing an additional 9,728 shares during the period. Strs Ohio purchased a new stake in shares of Heritage Insurance in the first quarter worth $127,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Heritage Insurance by 1,078.7% in the second quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock worth $3,514,000 after purchasing an additional 128,927 shares in the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

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.