Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Update

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 821,000 shares, a drop of 13.1% from the August 15th total of 944,900 shares. Currently, 3.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 493,400 shares, the days-to-cover ratio is currently 1.7 days.

Analysts Set New Price Targets

HRTG has been the topic of several analyst reports. StockNews.com cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 4th. Piper Sandler upgraded shares of Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $9.00 to $13.00 in a research report on Friday, August 9th. Finally, Truist Financial boosted their price target on Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Heritage Insurance presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.

Heritage Insurance Trading Up 3.1 %

Shares of HRTG traded up $0.48 during trading hours on Wednesday, hitting $16.09. The stock had a trading volume of 370,077 shares, compared to its average volume of 430,854. Heritage Insurance has a 12-month low of $4.92 and a 12-month high of $16.90. The firm has a market cap of $492.93 million, a P/E ratio of 9.52 and a beta of 0.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 0.76. The company’s fifty day simple moving average is $11.60 and its 200 day simple moving average is $9.68.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.38 by $0.23. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. The firm had revenue of $203.57 million for the quarter, compared to analyst estimates of $196.81 million. During the same quarter last year, the firm posted $0.32 earnings per share. Equities research analysts forecast that Heritage Insurance will post 1.93 EPS for the current fiscal year.

Insider Activity

In other Heritage Insurance news, CEO Ernie J. Garateix bought 5,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of $8.59 per share, for a total transaction of $42,950.00. Following the completion of the transaction, the chief executive officer now owns 1,072,584 shares in the company, valued at approximately $9,213,496.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Richard A. Widdicombe acquired 4,437 shares of Heritage Insurance stock in a transaction dated Friday, August 16th. The shares were acquired at an average cost of $14.55 per share, for a total transaction of $64,558.35. Following the completion of the transaction, the chairman now directly owns 696,497 shares of the company’s stock, valued at $10,134,031.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ernie J. Garateix acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average cost of $8.59 per share, for a total transaction of $42,950.00. Following the purchase, the chief executive officer now owns 1,072,584 shares of the company’s stock, valued at $9,213,496.56. The disclosure for this purchase can be found here. Company insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ClariVest Asset Management LLC lifted its stake in shares of Heritage Insurance by 2.7% during the second quarter. ClariVest Asset Management LLC now owns 61,396 shares of the insurance provider’s stock worth $435,000 after purchasing an additional 1,620 shares in the last quarter. Victory Capital Management Inc. lifted its position in Heritage Insurance by 3.9% during the 2nd quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock worth $750,000 after acquiring an additional 4,000 shares in the last quarter. Innealta Capital LLC acquired a new stake in Heritage Insurance in the second quarter valued at approximately $30,000. Empowered Funds LLC grew its position in Heritage Insurance by 8.1% in the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock valued at $1,030,000 after acquiring an additional 7,203 shares in the last quarter. Finally, Valmark Advisers Inc. purchased a new stake in shares of Heritage Insurance during the second quarter valued at approximately $80,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

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.