Heritage Insurance (NYSE:HRTG) Shares Gap Up – What’s Next?

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $23.46, but opened at $25.77. Heritage Insurance shares last traded at $26.3750, with a volume of 111,830 shares changing hands.

Wall Street Analysts Forecast Growth

HRTG has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Truist Financial lifted their price target on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Finally, Zacks Research downgraded shares of Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Heritage Insurance presently has an average rating of “Moderate Buy” and a consensus price target of $32.50.

Heritage Insurance Price Performance

The company has a market cap of $834.35 million, a price-to-earnings ratio of 5.60 and a beta of 0.96. The company’s 50-day simple moving average is $26.74 and its 200-day simple moving average is $25.81. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82.

Insiders Place Their Bets

In other news, CFO Kirk Lusk sold 8,331 shares of Heritage Insurance stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $28.21, for a total transaction of $235,017.51. Following the sale, the chief financial officer directly owned 550,425 shares of the company’s stock, valued at approximately $15,527,489.25. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernie J. Garateix sold 8,334 shares of the business’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $26.03, for a total value of $216,934.02. Following the completion of the transaction, the chief executive officer owned 1,128,504 shares in the company, valued at approximately $29,374,959.12. This trade represents a 0.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 39,999 shares of company stock valued at $1,124,253. Company insiders own 15.20% of the company’s stock.

Institutional Investors Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP raised its position in shares of Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock valued at $23,498,000 after purchasing an additional 349,168 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Heritage Insurance by 223.9% in the third quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider’s stock valued at $11,635,000 after acquiring an additional 319,434 shares in the last quarter. Prudential Financial Inc. boosted its stake in Heritage Insurance by 290.8% during the 2nd quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider’s stock valued at $9,567,000 after acquiring an additional 285,425 shares during the last quarter. Vanguard Group Inc. boosted its stake in Heritage Insurance by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after acquiring an additional 234,296 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Heritage Insurance by 69.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after acquiring an additional 216,019 shares in the last quarter. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

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.