Heritage Insurance (NYSE:HRTG) Shares Gap Up – Time to Buy?

Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) gapped up before the market opened on Tuesday . The stock had previously closed at $23.46, but opened at $25.77. Heritage Insurance shares last traded at $26.3750, with a volume of 111,830 shares traded.

Wall Street Analyst Weigh In

Several research analysts have issued reports on HRTG shares. Zacks Research cut Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Truist Financial increased their price target on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.50.

Heritage Insurance Stock Up 15.1%

The firm has a market capitalization of $834.35 million, a PE ratio of 5.60 and a beta of 0.96. The firm’s 50-day moving average is $26.74 and its 200 day moving average is $25.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.82 and a current ratio of 0.82.

Insider Activity

In related news, CEO Ernie J. Garateix sold 8,334 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $26.03, for a total value of $216,934.02. Following the sale, the chief executive officer owned 1,128,504 shares of the company’s stock, valued at approximately $29,374,959.12. This represents a 0.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kirk Lusk sold 8,331 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $28.21, for a total value of $235,017.51. Following the sale, the chief financial officer owned 550,425 shares in the company, valued at approximately $15,527,489.25. This trade represents a 1.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 39,999 shares of company stock worth $1,124,253 in the last ninety days. Insiders own 15.20% of the company’s stock.

Institutional Trading of Heritage Insurance

Hedge funds have recently added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new stake in shares of Heritage Insurance in the third quarter worth approximately $25,000. Financial Management Professionals Inc. purchased a new position in Heritage Insurance during the third quarter worth approximately $26,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Heritage Insurance in the 4th quarter valued at $31,000. Nisa Investment Advisors LLC grew its stake in shares of Heritage Insurance by 2,413.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider’s stock valued at $28,000 after buying an additional 1,062 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Heritage Insurance by 72.6% during the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after buying an additional 497 shares during the last quarter. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.