Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Down 11.4% in November

Heritage Insurance Holdings, Inc. (NYSE:HRTG) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 856,800 shares, a decline of 11.4% from the October 31st total of 966,900 shares. Based on an average daily trading volume, of 520,800 shares, the short-interest ratio is currently 1.6 days. Currently, 3.8% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of research firms have commented on HRTG. Truist Financial raised their target price on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. StockNews.com raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Monday, November 25th. Finally, Piper Sandler raised Heritage Insurance from a “neutral” rating to an “overweight” rating and increased their target price for the company from $9.00 to $13.00 in a research report on Friday, August 9th.

Heritage Insurance Stock Down 1.9 %

Shares of NYSE:HRTG traded down $0.24 during trading on Tuesday, reaching $12.12. The stock had a trading volume of 142,501 shares, compared to its average volume of 453,698. The firm’s 50-day simple moving average is $11.60 and its 200 day simple moving average is $10.71. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. Heritage Insurance has a one year low of $5.51 and a one year high of $16.90. The company has a market capitalization of $371.84 million, a P/E ratio of 4.85 and a beta of 1.02.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, November 6th. The insurance provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.25. The company had revenue of $211.85 million during the quarter, compared to the consensus estimate of $209.91 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. During the same period last year, the firm earned ($0.28) earnings per share. As a group, research analysts expect that Heritage Insurance will post 1.27 EPS for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other news, Director Nicholas George Pappas sold 4,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $12.64, for a total transaction of $50,560.00. Following the transaction, the director now owns 76,314 shares of the company’s stock, valued at approximately $964,608.96. This represents a 4.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in Heritage Insurance by 263.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 87,814 shares of the insurance provider’s stock worth $622,000 after purchasing an additional 63,645 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Heritage Insurance during the second quarter valued at $30,000. Valmark Advisers Inc. purchased a new stake in shares of Heritage Insurance during the second quarter valued at $80,000. Rhumbline Advisers increased its position in shares of Heritage Insurance by 2,282.1% in the 2nd quarter. Rhumbline Advisers now owns 30,967 shares of the insurance provider’s stock valued at $219,000 after acquiring an additional 29,667 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Heritage Insurance by 3.9% in the 2nd quarter. Victory Capital Management Inc. now owns 106,000 shares of the insurance provider’s stock worth $750,000 after acquiring an additional 4,000 shares during the last quarter. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

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.