Heritage Insurance Holdings, Inc. (NYSE:HRTG) Short Interest Update

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

Analyst Upgrades and Downgrades

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

Insider Activity at Heritage Insurance

In other Heritage Insurance news, Director Nicholas George Pappas sold 4,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $12.64, for a total transaction of $50,560.00. Following the sale, the director now owns 76,314 shares in the company, valued at approximately $964,608.96. The trade was a 4.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new stake in shares of Heritage Insurance during the 3rd quarter valued at about $49,000. Assenagon Asset Management S.A. grew its holdings in Heritage Insurance by 87.6% in the third quarter. Assenagon Asset Management S.A. now owns 235,019 shares of the insurance provider’s stock valued at $2,877,000 after purchasing an additional 109,714 shares during the period. GSA Capital Partners LLP increased its position in shares of Heritage Insurance by 20.3% in the third quarter. GSA Capital Partners LLP now owns 100,055 shares of the insurance provider’s stock valued at $1,225,000 after buying an additional 16,911 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new position in shares of Heritage Insurance during the 3rd quarter worth approximately $206,000. Finally, Empowered Funds LLC lifted its position in shares of Heritage Insurance by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 109,552 shares of the insurance provider’s stock valued at $1,341,000 after buying an additional 5,494 shares in the last quarter. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Insurance Stock Performance

HRTG traded up $0.42 during midday trading on Monday, hitting $12.71. 188,539 shares of the company were exchanged, compared to its average volume of 155,731. The company’s 50 day simple moving average is $11.70 and its 200 day simple moving average is $12.27. The firm has a market capitalization of $389.94 million, a price-to-earnings ratio of 5.08 and a beta of 1.01. Heritage Insurance has a 1-year low of $6.14 and a 1-year high of $16.90. 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 announced that its board has approved a stock repurchase 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 purchase up to 2.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.