Heritage Insurance Holdings, Inc. (NYSE:HRTG) Sees Significant Drop in Short Interest

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the recipient of a significant decrease in short interest in January. As of January 31st, there was short interest totalling 681,300 shares, a decrease of 8.7% from the January 15th total of 746,600 shares. Based on an average daily trading volume, of 210,100 shares, the short-interest ratio is currently 3.2 days. Approximately 3.0% of the company’s stock are sold short.

Heritage Insurance Stock Performance

HRTG stock traded down $0.27 on Tuesday, hitting $12.40. The company had a trading volume of 190,190 shares, compared to its average volume of 177,171. 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 12-month low of $6.14 and a 12-month high of $16.90. The stock has a market cap of $380.43 million, a price-to-earnings ratio of 4.96 and a beta of 1.01. The stock’s 50-day simple moving average is $11.72 and its 200 day simple moving average is $12.30.

Heritage Insurance announced that its Board of Directors has approved a stock buyback program on Monday, December 9th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the insurance provider to reacquire up to 2.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Monday, November 25th.

Insider Transactions at Heritage Insurance

In other news, Director Nicholas George Pappas sold 4,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $12.64, for a total value of $50,560.00. Following the completion of the transaction, the director now owns 76,314 shares in the company, valued at $964,608.96. The trade was a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 14.00% of the company’s stock.

Institutional Trading of Heritage Insurance

Hedge funds have recently bought and sold shares of the company. Segall Bryant & Hamill LLC bought a new stake in shares of Heritage Insurance during the 3rd quarter valued at about $1,541,000. Exchange Traded Concepts LLC purchased a new position in shares of Heritage Insurance in the fourth quarter worth approximately $296,000. BNP Paribas Financial Markets grew its position in Heritage Insurance by 412.8% during the third quarter. BNP Paribas Financial Markets now owns 19,215 shares of the insurance provider’s stock valued at $235,000 after buying an additional 15,468 shares during the period. State Street Corp increased its holdings in Heritage Insurance by 27.4% during the third quarter. State Street Corp now owns 371,057 shares of the insurance provider’s stock valued at $4,542,000 after buying an additional 79,802 shares during the last quarter. Finally, FMR LLC increased its holdings in Heritage Insurance by 28,416.9% during the third quarter. FMR LLC now owns 87,547 shares of the insurance provider’s stock valued at $1,072,000 after buying an additional 87,240 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

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.