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

Heritage Insurance Holdings, Inc. (NYSE:HRTG) was the target of a large 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. Approximately 3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 210,100 shares, the short-interest ratio is presently 3.2 days.

Heritage Insurance Trading Up 3.4 %

NYSE:HRTG traded up $0.42 during midday trading on Monday, hitting $12.71. 188,539 shares of the company traded hands, compared to its average volume of 155,731. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. The firm’s fifty day moving average is $11.70 and its 200-day moving average is $12.27. The firm has a market capitalization of $389.94 million, a P/E ratio of 5.08 and a beta of 1.01. Heritage Insurance has a 12-month low of $6.14 and a 12-month high of $16.90.

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

Insiders Place Their Bets

In other Heritage Insurance news, Director Nicholas George Pappas sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $12.64, for a total transaction 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. This trade represents a 4.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 14.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Heritage Insurance

Hedge funds have recently bought and sold shares of the business. New York State Common Retirement Fund grew its holdings in Heritage Insurance by 222.2% during the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 2,000 shares in the last quarter. nVerses Capital LLC purchased a new stake in Heritage Insurance during the third quarter worth $49,000. Triumph Capital Management bought a new stake in Heritage Insurance during the 4th quarter valued at $121,000. Cantor Fitzgerald L. P. purchased a new position in shares of Heritage Insurance in the 4th quarter valued at $133,000. Finally, SG Americas Securities LLC bought a new position in shares of Heritage Insurance in the 4th quarter worth $134,000. Institutional investors own 59.03% of the company’s stock.

Wall Street Analyst Weigh In

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

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.