Insider Selling: Heritage Insurance (NYSE:HRTG) CFO Sells 13,197 Shares of Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CFO Kirk Lusk sold 13,197 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $24.77, for a total transaction of $326,889.69. Following the completion of the sale, the chief financial officer directly owned 585,559 shares of the company’s stock, valued at approximately $14,504,296.43. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Kirk Lusk also recently made the following trade(s):

• On Friday, September 12th, Kirk Lusk sold 20,000 shares of Heritage Insurance stock. The stock was sold at an average price of $24.17, for a total transaction of $483,400.00.

Heritage Insurance Stock Performance

HRTG opened at $24.62 on Friday. The stock has a market capitalization of $763.68 million, a price-to-earnings ratio of 7.09 and a beta of 0.98. The company has a fifty day moving average of $23.04 and a 200 day moving average of $21.48. Heritage Insurance Holdings, Inc. has a fifty-two week low of $8.70 and a fifty-two week high of $29.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.82 and a current ratio of 0.82.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.52. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. The company had revenue of $208.04 million during the quarter, compared to analysts’ expectations of $212.12 million. As a group, sell-side analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HRTG. Marshall Wace LLP grew its position in shares of Heritage Insurance by 58.9% in the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock worth $23,498,000 after buying an additional 349,168 shares during the last quarter. Prudential Financial Inc. grew its position in shares of Heritage Insurance by 290.8% in the 2nd quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider’s stock worth $9,567,000 after buying an additional 285,425 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Heritage Insurance by 69.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock worth $13,128,000 after buying an additional 216,019 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Heritage Insurance by 33.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock worth $16,180,000 after buying an additional 163,142 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Heritage Insurance by 1,078.7% in 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. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Heritage Insurance to a “strong-buy” rating in a report on Monday, August 11th. Weiss Ratings reissued a “hold (c+)” rating on shares of Heritage Insurance in a research report on Saturday, September 27th. Wall Street Zen downgraded shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Truist Financial raised their target price on shares of Heritage Insurance from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $31.50.

About Heritage Insurance

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.