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

Heritage Insurance Holdings, Inc. (NYSE:HRTG – Get Free Report ) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 821,000 shares, a decrease of 13.1% from the August 15th total of 944,900 shares. Currently, 3.6% of the stock’s shares are short sold. 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 subject of several analyst reports. StockNews.com lowered 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 boosted their price target for the stock from $9.00 to $13.00 in a research report on Friday, 9 August. 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. Heritage Insurance currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67, based on data from MarketBeat.

Get our latest analysis on HRTG

Property insurance trading increased by 3.1%

Shares of HRTG traded up $0.48 during trading hours on Wednesday, reaching $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 – Get Free Report ) last posted its quarterly earnings results on Tuesday, August 6th. The insurance provider reported $0.61 EPS for the quarter, topping 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. In the same quarter last year, the firm posted earnings of $0.32 per share. equities research analysts forecast that Heritage Insurance will post 1.93 EPS for the current fiscal year.

Indoor 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’s website. In related news, Chairman Richard A. Widdicombe purchased 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 via 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 stock was bought at an average cost of $8.59 per share, for a total transaction of $42,950.00. Following the acquisition, the chief executive officer now owns 1,072,584 shares of the company’s stock, valued at $9,213,496.56. Disclosure for this purchase can be found here. Company insiders hold 14.00% of the company’s shares.

Hedge funds influence wealth insurance

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ClariVest Asset Management LLC boosted its stake in Heritage Insurance by 2.7% in 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. increased its position in Heritage Insurance by 3.9% in the second quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock worth $750,000 after purchasing an additional 4,000 shares in the last quarter. Inçalta Capital LLC purchased a new stake in Heritage Insurance in the second quarter valued at approximately $30,000. Empowered Funds LLC raised 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 purchasing an additional 7,203 shares during the last quarter. Finally, Valmark Advisers Inc. purchased a new stake in shares of Heritage Insurance in the second quarter valued at approximately $80,000. Institutional investors and hedge funds own 59.03% of the company’s shares.

About Heritage Insurance

(Get a free report)

Heritage Insurance Holdings, Inc, through its subsidiaries, provides residential personal and commercial 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 property insurance and wind only.

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