Heritage Insurance Holdings CEO Transacts Shares: Financial Insights
On January 20th, Heritage Insurance Holdings, Inc. CEO Ernie Garateix executed a significant transaction, selling 8,334 shares at $26.03 each, totaling approximately $216,934. Following this sale, Garateix retains ownership of 1,128,504 shares valued at around $29.37 million. This activity aligns with regulatory compliance requirements and is documented with the Securities & Exchange Commission, highlighting the importance of transparency in the insurance industry.
Heritage Insurance's stock (NYSE:HRTG) experienced a slight decrease, trading at $25.89, down $0.04. The day's trading volume comprised 228,337 shares, compared to an average of 351,003, reflecting typical market fluctuations. The company's stock performance shows a 50-day moving average of $28.08, with a 200-day average of $25.13, illustrating its ongoing financial stability. With a market capitalization of $800.26 million, a P/E ratio of 5.36, and a beta of 0.98, Heritage exhibits prudent risk management strategies and financial resilience.
Quarterly Earnings and Market Projections
Heritage recently reported quarterly earnings on November 5th, surpassing expectations with an EPS of $1.63, compared to the anticipated $0.53. This performance underscores a 41.44% return on equity and a 17.72% net margin, with revenue reaching $212.46 million, exceeding projections of $210.12 million. Analysts forecast an EPS of 1.86 for the current year, reflecting positive sentiment within the industry. Market insights point to a "Moderate Buy" consensus, with Zacks Research rating as "hold" and Truist Financial hiking their price target to $37.00 with a "buy" recommendation. Weiss Ratings also supports a "buy" rating, emphasizing confidence in Heritage's strategic positioning.
Institutional Investment Dynamics
Institutional investment patterns reveal strategic adjustments, with Vanguard Group Inc. augmenting its position by 8.7% during Q3, holding shares valued at $41.47 million. Similarly, Marshall Wace LLP and American Century Companies Inc. have increased their stakes. Arrowstreet Capital Partnership notably expanded its investment by 69.6% in Q2, demonstrating strong investor confidence. These movements within the financial landscape reinforce Heritage's status as a robust carrier in the underwriting and claims management space.
Operating through its subsidiary Heritage Property & Casualty Insurance Company, Heritage Insurance Holdings specializes in personal lines insurance, offering policies for homeowners, dwelling fire, flood, and condominiums. The company leverages a network of independent agents to market its services in regions prone to severe weather, displaying adept risk management and industry acumen. Established in 2011 and headquartered in Jupiter, Florida, Heritage continues to be a pivotal provider in the residential property insurance sector.