Short Interest in Heritage Insurance Holdings, Inc. (NYSE:HRTG) Decreases By 29.2%

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the target of a large decrease in short interest in April. As of April 15th, there was short interest totaling 1,032,635 shares, a decrease of 29.2% from the March 31st total of 1,459,256 shares. Based on an average daily trading volume, of 249,418 shares, the short-interest ratio is currently 4.1 days. Approximately 4.0% of the company’s stock are sold short.

Insider Activity

In other news, insider Timothy Moura sold 29,133 shares of the company’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $26.63, for a total value of $775,811.79. Following the completion of the transaction, the insider owned 210,535 shares in the company, valued at approximately $5,606,547.05. This represents a 12.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ernie J. Garateix sold 8,334 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $27.56, for a total transaction of $229,685.04. Following the completion of the transaction, the chief executive officer owned 1,060,955 shares of the company’s stock, valued at approximately $29,239,919.80. The trade was a 0.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 121,718 shares of company stock worth $3,179,898. Corporate insiders own 14.00% of the company’s stock.

Hedge Funds Weigh In On Heritage Insurance

A number of large investors have recently bought and sold shares of HRTG. Vanguard Group Inc. raised its position in Heritage Insurance by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock worth $55,039,000 after buying an additional 234,296 shares during the last quarter. JPMorgan Chase & Co. raised its position in Heritage Insurance by 1,078.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock worth $3,514,000 after buying an additional 128,927 shares during the last quarter. Nuveen LLC raised its position in Heritage Insurance by 181.7% during the 4th quarter. Nuveen LLC now owns 169,454 shares of the insurance provider’s stock worth $4,958,000 after buying an additional 109,307 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its position in Heritage Insurance by 27.2% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider’s stock worth $11,556,000 after buying an additional 98,246 shares during the last quarter. Finally, Millennium Management LLC raised its position in Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after buying an additional 91,982 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Stock Up 2.2%

Shares of NYSE:HRTG opened at $29.91 on Tuesday. The stock has a market cap of $918.68 million, a P/E ratio of 4.73 and a beta of 0.95. The firm has a fifty day moving average price of $26.84 and a 200 day moving average price of $26.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.83 and a quick ratio of 0.83. Heritage Insurance has a 1-year low of $16.83 and a 1-year high of $31.98.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.54. The firm had revenue of $215.32 million during the quarter, compared to analysts’ expectations of $212.60 million. Heritage Insurance had a net margin of 23.08% and a return on equity of 47.28%. Sell-side analysts predict that Heritage Insurance will post 4.7 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Citigroup reiterated a “market perform” rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 11th. Truist Financial increased their price target on shares of Heritage Insurance from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Heritage Insurance in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Heritage Insurance has an average rating of “Buy” and a consensus target price of $33.50.

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.