Heritage Insurance (NYSE:HRTG) Shares Up 3.4% - Time to Buy?

Heritage Insurance Holdings, Inc. (NYSE:HRTG - Get Free Report)'s stock price rose 3.4% on Friday . The company traded as high as $14.15 and last traded at $14.25. Approximately 72,638 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 382,085 shares. The stock had previously closed at $13.78.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 18th.

Heritage Insurance Trading Up 4.8 %

The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $12.14 and a 200 day simple moving average of $12.09. The firm has a market capitalization of $647.40 million, a P/E ratio of 6.04 and a beta of 1.00.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings results on Tuesday, March 11th. The insurance provider reported $0.66 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.83. The company had revenue of $210.26 million during the quarter, compared to analyst estimates of $199.87 million. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. As a group, research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

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

Insider Transactions at Heritage Insurance

In other Heritage Insurance news, CEO Ernie J. Garateix purchased 5,000 shares of the stock in a transaction dated Friday, March 14th. The stock was purchased at an average price of $12.77 per share, with a total value of $63,850.00. Following the transaction, the chief executive officer now owns 1,270,808 shares of the company's stock, valued at approximately $16,228,218.16. This trade represents a 0.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul L. Whiting acquired 10,000 shares of the company's stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average cost of $13.35 per share, for a total transaction of $133,500.00. Following the transaction, the director now owns 79,576 shares of the company's stock, valued at $1,062,339.60. This represents a 14.37 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 21,000 shares of company stock valued at $280,450. 14.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Heritage Insurance

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position 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 purchasing an additional 87,240 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Heritage Insurance by 412.8% in the third 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 in the last quarter. MetLife Investment Management LLC grew its stake in shares of Heritage Insurance by 129.1% during the third quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider's stock worth $164,000 after acquiring an additional 7,545 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Heritage Insurance by 15.1% during the third quarter. Verition Fund Management LLC now owns 32,700 shares of the insurance provider's stock valued at $400,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Centiva Capital LP purchased a new position in shares of Heritage Insurance in the 3rd quarter valued at approximately $502,000. 59.03% of the stock is owned by hedge funds and other 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.