Heritage Insurance (NYSE:HRTG) Stock Crosses Above 50 Day Moving Average - What's Next?

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report) crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $11.73 and traded as high as $11.91. Heritage Insurance shares last traded at $11.76, with a volume of 294,304 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a report on Monday, November 25th.

Heritage Insurance Trading Up 3.4 %

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a fifty day simple moving average of $11.69 and a 200-day simple moving average of $12.18. The firm has a market cap of $389.99 million, a P/E ratio of 5.08 and a beta of 1.01.

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

Insider Activity at Heritage Insurance

In related news, Director Nicholas George Pappas sold 4,000 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $12.64, for a total value of $50,560.00. Following the sale, the director now owns 76,314 shares in the company, valued at $964,608.96. This represents a 4.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 14.00% of the stock is currently owned by insiders.

Institutional Trading of Heritage Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC purchased a new position in shares of Heritage Insurance during the third quarter valued at approximately $1,541,000. Exchange Traded Concepts LLC bought a new position in Heritage Insurance during the 4th quarter valued at $296,000. BNP Paribas Financial Markets boosted its holdings in Heritage Insurance by 412.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 19,215 shares of the insurance provider's stock worth $235,000 after acquiring an additional 15,468 shares during the last quarter. State Street Corp boosted its holdings in Heritage Insurance by 27.4% during the 3rd quarter. State Street Corp now owns 371,057 shares of the insurance provider's stock worth $4,542,000 after acquiring an additional 79,802 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Heritage Insurance by 28,416.9% in the 3rd quarter. FMR LLC now owns 87,547 shares of the insurance provider's stock worth $1,072,000 after acquiring an additional 87,240 shares in the last quarter. 59.03% of the stock is owned by institutional investors.

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.