Heritage Insurance (NYSE:HRTG) Shares Gap Up on Strong Earnings

Heritage Insurance Holdings, Inc. (NYSE:HRTG) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $19.83, but opened at $20.96. Heritage Insurance shares last traded at $23.13, with a volume of 549,795 shares trading hands.

The insurance provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.53. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The company had revenue of $211.52 million for the quarter, compared to the consensus estimate of $213.68 million.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 18th. Truist Financial increased their price objective on Heritage Insurance from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Piper Sandler lifted their price target on Heritage Insurance from $19.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday.

Insider Buying and Selling at Heritage Insurance

In other Heritage Insurance news, CEO Ernie J. Garateix acquired 5,000 shares of Heritage Insurance stock in a transaction dated Friday, March 14th. The stock was bought at an average cost of $12.77 per share, with a total value of $63,850.00. Following the completion of the transaction, the chief executive officer now owns 1,270,808 shares of the company’s stock, valued at $16,228,218.16. The trade was a 0.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kirk Lusk bought 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average price of $13.85 per share, with a total value of $83,100.00. Following the completion of the purchase, the chief financial officer now owns 618,756 shares in the company, valued at approximately $8,569,770.60. The trade was a 0.98 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 21,000 shares of company stock worth $280,450 over the last 90 days. Insiders own 15.20% of the company’s stock.

Institutional Trading of Heritage Insurance

Several hedge funds and other institutional investors have recently bought and sold shares of HRTG. New York State Common Retirement Fund lifted its stake in shares of Heritage Insurance by 222.2% in the fourth quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock valued at $35,000 after buying an additional 2,000 shares during the period. Triumph Capital Management acquired a new position in Heritage Insurance in the 4th quarter valued at approximately $121,000. Cantor Fitzgerald L. P. acquired a new stake in shares of Heritage Insurance during the 4th quarter worth approximately $133,000. SG Americas Securities LLC acquired a new position in shares of Heritage Insurance in the fourth quarter valued at $134,000. Finally, CWM LLC lifted its position in Heritage Insurance by 83.7% in the first quarter. CWM LLC now owns 9,951 shares of the insurance provider’s stock worth $143,000 after purchasing an additional 4,535 shares during the period. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Price Performance

The stock has a market cap of $794.13 million, a price-to-earnings ratio of 10.25 and a beta of 0.95. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76. The stock’s 50 day simple moving average is $15.95 and its two-hundred day simple moving average is $13.16.

Heritage Insurance Company Profile

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.