Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Up 25.2% in June

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 958,600 shares, an increase of 25.2% from the May 31st total of 765,600 shares. Currently, 4.3% of the shares of the company are sold short. Based on an average trading volume of 376,300 shares, the days-to-cover ratio is presently 2.5 days.

Analysts Set New Price Targets

Several brokerages recently weighed in on HRTG. StockNews.com raised Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Friday, May 10th. JMP Securities restated a “market perform” rating on shares of Heritage Insurance in a research report on Monday, April 15th. Piper Sandler reiterated a “neutral” rating and issued a $9.00 target price on shares of Heritage Insurance in a report on Monday, April 1st. Finally, Truist Financial raised their target price on shares of Heritage Insurance from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Heritage Insurance currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Heritage Insurance Trading Down 4.3 %

Shares of NYSE:HRTG traded down $0.29 during midday trading on Tuesday, reaching $6.49. The company had a trading volume of 180,976 shares, compared to its average volume of 417,535. The company has a fifty day simple moving average of $8.43 and a two-hundred day simple moving average of $7.83. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $198.85 million, a price-to-earnings ratio of 3.99 and a beta of 0.90. Heritage Insurance has a 1-year low of $3.82 and a 1-year high of $11.23.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, May 1st. The insurance provider reported $0.47 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.14). Heritage Insurance had a return on equity of 24.02% and a net margin of 6.07%. The firm had revenue of $191.30 million during the quarter, compared to analyst estimates of $189.05 million. During the same quarter in the previous year, the business earned $0.55 earnings per share. Research analysts predict that Heritage Insurance will post 1.45 earnings per share for the current year.

Insider Activity at Heritage Insurance

In other Heritage Insurance news, Director Paul L. Whiting purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $7.74 per share, with a total value of $38,700.00. Following the completion of the purchase, the director now owns 64,662 shares in the company, valued at approximately $500,483.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Paul L. Whiting acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average cost of $7.74 per share, for a total transaction of $38,700.00. Following the completion of the acquisition, the director now directly owns 64,662 shares of the company’s stock, valued at approximately $500,483.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul L. Whiting acquired 50,000 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average price of $8.35 per share, for a total transaction of $417,500.00. Following the purchase, the director now directly owns 59,662 shares of the company’s stock, valued at $498,177.70. The disclosure for this purchase can be found here. Insiders have acquired a total of 60,000 shares of company stock worth $497,250 in the last three months. 14.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Heritage Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Heritage Insurance by 20.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 93,791 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 15,776 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in Heritage Insurance in the 3rd quarter valued at approximately $172,000. Quadrature Capital Ltd purchased a new stake in Heritage Insurance in the 3rd quarter worth approximately $109,000. Legato Capital Management LLC boosted its stake in shares of Heritage Insurance by 20.2% during the 4th quarter. Legato Capital Management LLC now owns 149,980 shares of the insurance provider’s stock valued at $978,000 after buying an additional 25,155 shares during the period. Finally, Ritholtz Wealth Management grew its holdings in shares of Heritage Insurance by 232.0% during the 4th quarter. Ritholtz Wealth Management now owns 34,097 shares of the insurance provider’s stock valued at $222,000 after acquiring an additional 23,826 shares in the last quarter. Institutional investors and hedge funds own 59.03% of the company’s stock.

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.