Heritage Insurance (NYSE:HRTG) Stock Price Up 3.4% – Here’s Why

Heritage Insurance Holdings, Inc. (NYSE:HRTG)’s share price shot up 3.4% during trading on Friday . The stock traded as high as $14.15 and last traded at $14.25. 72,638 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 382,085 shares. The stock had previously closed at $13.78.

Analyst Ratings Changes

Separately, StockNews.com downgraded Heritage Insurance from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 18th.

Heritage Insurance Stock Performance

The firm’s fifty day moving average is $12.08 and its 200 day moving average is $12.12. The firm has a market capitalization of $632.32 million, a price-to-earnings ratio of 5.90 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Tuesday, March 11th. The insurance provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.83. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The company had revenue of $210.26 million during the quarter, compared to analyst estimates of $199.87 million. On average, analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Heritage Insurance declared that its Board of Directors has authorized a stock repurchase program on Monday, December 9th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Heritage Insurance

In other Heritage Insurance news, CFO Kirk Lusk bought 6,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was bought at an average cost of $13.85 per share, with a total value of $83,100.00. Following the completion of the transaction, the chief financial officer now directly owns 618,756 shares of the company’s stock, valued at approximately $8,569,770.60. The trade was a 0.98 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul L. Whiting purchased 10,000 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were acquired at an average price of $13.35 per share, for a total transaction of $133,500.00. Following the acquisition, the director now directly owns 79,576 shares in the company, valued at $1,062,339.60. This represents a 14.37 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 21,000 shares of company stock valued at $280,450 in the last three months. Corporate insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp increased its holdings in shares of Heritage Insurance by 3.0% during the 4th quarter. Stifel Financial Corp now owns 56,825 shares of the insurance provider’s stock valued at $688,000 after acquiring an additional 1,640 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Heritage Insurance by 222.2% during 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 purchasing an additional 2,000 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Heritage Insurance by 18.1% in the fourth quarter. Wells Fargo & Company MN now owns 13,419 shares of the insurance provider’s stock valued at $162,000 after purchasing an additional 2,058 shares during the period. Brandywine Global Investment Management LLC lifted its stake in shares of Heritage Insurance by 21.7% in the fourth quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider’s stock worth $150,000 after buying an additional 2,210 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Heritage Insurance by 0.7% during the 4th quarter. Bridgeway Capital Management LLC now owns 366,595 shares of the insurance provider’s stock worth $4,436,000 after buying an additional 2,479 shares during the period. 59.03% of the stock is currently owned by institutional investors.

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.