Heritage Insurance (NYSE:HRTG) Shares Down 3.1% Following Insider Selling

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price dropped 3.1% on Thursday following insider selling activity. The stock traded as low as $24.41 and last traded at $24.09. Approximately 158,463 shares traded hands during trading, a decline of 57% from the average daily volume of 366,848 shares. The stock had previously closed at $24.87.

Specifically, Chairman Richard A. Widdicombe sold 100,000 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $24.15, for a total transaction of $2,415,000.00. Following the transaction, the chairman directly owned 599,047 shares in the company, valued at $14,466,985.05. The trade was a 14.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ernie J. Garateix sold 25,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $24.61, for a total transaction of $615,250.00. Following the transaction, the chief executive officer owned 1,245,808 shares in the company, valued at approximately $30,659,334.88. This trade represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Kirk Lusk sold 20,000 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $24.17, for a total transaction of $483,400.00. Following the transaction, the chief financial officer directly owned 598,756 shares in the company, valued at $14,471,932.52. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HRTG. Wall Street Zen lowered shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Zacks Research raised shares of Heritage Insurance to a “strong-buy” rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. Based on data from MarketBeat, Heritage Insurance has an average rating of “Buy” and a consensus target price of $29.00.

Heritage Insurance Stock Performance

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24. The company has a market cap of $788.53 million, a PE ratio of 7.33 and a beta of 1.05. The stock’s 50 day simple moving average is $22.22 and its two-hundred day simple moving average is $20.49.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.52. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. The company had revenue of $208.04 million during the quarter, compared to analyst estimates of $212.12 million. As a group, research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

Institutional Investors Weigh In On Heritage Insurance

A number of large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. grew its holdings in Heritage Insurance by 120.6% during the 2nd quarter. Osaic Holdings Inc. now owns 26,937 shares of the insurance provider’s stock valued at $672,000 after purchasing an additional 14,725 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Heritage Insurance by 1,366.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,299 shares of the insurance provider’s stock valued at $207,000 after purchasing an additional 7,733 shares in the last quarter. Tidal Investments LLC acquired a new stake in Heritage Insurance during the 2nd quarter valued at $351,000. Engineers Gate Manager LP acquired a new stake in Heritage Insurance during the 2nd quarter valued at $540,000. Finally, BNP Paribas Financial Markets grew its holdings in Heritage Insurance by 77.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 1,323 shares in the last quarter. 59.03% of the stock is owned by institutional investors and hedge funds.

About Heritage Insurance

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.