Short Interest in Heritage Insurance Holdings, Inc. (NYSE:HRTG) Rises By 44.1%

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the target of a large growth in short interest in July. As of July 15th, there was short interest totalling 1,100,000 shares, a growth of 44.1% from the June 30th total of 763,500 shares. Currently, 4.9% of the shares of the stock are short sold. Based on an average daily volume of 422,000 shares, the days-to-cover ratio is currently 2.6 days.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HRTG. StockNews.com raised Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Friday, May 10th. Piper Sandler restated a “neutral” rating and issued a $9.00 target price on shares of Heritage Insurance in a research report on Monday, April 1st. Finally, JMP Securities reissued a “market perform” rating on shares of Heritage Insurance in a report on Monday, April 15th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Insider Buying and Selling

In other Heritage Insurance news, Director Paul L. Whiting purchased 5,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average price of $7.74 per share, for a total transaction of $38,700.00. Following the completion of the acquisition, the director now owns 64,662 shares of the company’s stock, valued at approximately $500,483.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Heritage Insurance news, Director Nicholas George Pappas sold 6,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $8.56, for a total value of $51,360.00. Following the sale, the director now owns 75,400 shares of the company’s stock, valued at approximately $645,424. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul L. Whiting acquired 5,000 shares of Heritage Insurance stock in a transaction on 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 purchase, the director now owns 64,662 shares of the company’s stock, valued at approximately $500,483.88. The disclosure for this purchase can be found here. Insiders have acquired 60,000 shares of company stock worth $497,250 in the last ninety days. 14.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Heritage Insurance

Several institutional investors have recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in Heritage Insurance during the second quarter worth about $30,000. Tower Research Capital LLC TRC purchased a new stake in Heritage Insurance in the fourth quarter valued at $40,000. Fortis Capital Advisors LLC acquired a new stake in shares of Heritage Insurance in the 1st quarter valued at about $134,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Heritage Insurance in the 1st quarter valued at $155,000. Finally, Ritholtz Wealth Management raised its holdings in shares of Heritage Insurance by 232.0% in the fourth quarter. Ritholtz Wealth Management now owns 34,097 shares of the insurance provider’s stock valued at $222,000 after buying an additional 23,826 shares during the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Heritage Insurance Price Performance

Shares of HRTG traded down $0.13 during mid-day trading on Monday, hitting $7.62. 219,020 shares of the stock were exchanged, compared to its average volume of 407,043. Heritage Insurance has a 52-week low of $4.25 and a 52-week high of $11.23. 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 50-day moving average of $7.51 and a two-hundred day moving average of $7.91. The company has a market cap of $233.48 million, a PE ratio of 4.65 and a beta of 0.90.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.14). Heritage Insurance had a return on equity of 24.02% and a net margin of 6.07%. The business had revenue of $191.30 million during the quarter, compared to analysts’ expectations of $189.05 million. During the same period last year, the company earned $0.55 earnings per share. On average, equities analysts predict that Heritage Insurance will post 1.45 earnings per share for the current year.

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.