Kirk Lusk Acquires 6,000 Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) Stock

Heritage Insurance Holdings, Inc. (NYSE:HRTG) CFO Kirk Lusk bought 6,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was bought at an average cost of $13.85 per share, with a total value of $83,100.00. Following the completion of the purchase, the chief financial officer now owns 618,756 shares of the company’s stock, valued at approximately $8,569,770.60. The trade was a 0.98 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Heritage Insurance Stock Down 6.9 %

Shares of NYSE:HRTG opened at $12.77 on Tuesday. The company has a 50 day moving average of $11.62 and a 200-day moving average of $12.22. Heritage Insurance Holdings, Inc. has a one year low of $6.14 and a one year high of $16.90. The stock has a market cap of $391.77 million, a price-to-earnings ratio of 5.11 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Tuesday, March 11th. The insurance provider reported $0.66 EPS for the quarter, beating the consensus estimate of ($0.17) by $0.83. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The company had revenue of $210.26 million during the quarter, compared to analysts’ expectations of $199.87 million. On average, sell-side analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

Heritage Insurance declared that its Board of Directors has initiated a share buyback program on Monday, December 9th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 2.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Heritage Insurance

Several institutional investors have recently modified their holdings of HRTG. New York State Common Retirement Fund raised its position in shares of Heritage Insurance by 222.2% in the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 2,000 shares during the period. Triumph Capital Management acquired a new stake in Heritage Insurance in the fourth quarter worth $121,000. Cantor Fitzgerald L. P. acquired a new stake in Heritage Insurance in the fourth quarter worth $133,000. SG Americas Securities LLC bought a new position in shares of Heritage Insurance during the fourth quarter worth $134,000. Finally, Brandywine Global Investment Management LLC grew its holdings in shares of Heritage Insurance by 21.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider’s stock valued at $150,000 after buying an additional 2,210 shares during the period. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Heritage Insurance from a “strong-buy” rating to a “buy” rating in a report on Tuesday.

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.