Heritage Insurance Holdings, Inc. (NYSE:HRTG) has reported a purchase of company stock by director Paul L. Whiting, according to a recent SEC filing. On May 28, 2024, Whiting acquired 5,000 shares of Heritage Insurance common stock at a price of $7.74 per share, totaling $38,700.
This transaction has increased Whiting's direct holdings in the company to 64,662 shares. Additionally, the filing disclosed indirect ownership through entities controlled by Whiting and his spouse. Whiting Family, LLC holds 40,871 shares, and Paul & Gail Whiting Investments Limited owns another 20,000 shares. While Whiting disclaims beneficial ownership of the shares held by these entities, he acknowledges his pecuniary interest in them.
Heritage Insurance Holdings, Inc., based in Tampa, Florida, is a provider of property and casualty insurance. The company's stock is listed on the New York Stock Exchange under the ticker HRTG. The recent purchase by director Whiting may be of interest to investors monitoring insider activity within the company.
InvestingPro Insights
As investors digest the news of director Paul L. Whiting's recent stock purchase in Heritage Insurance Holdings (NYSE:HRTG), a glance at the company's financial health through InvestingPro data reveals a mixed picture. Heritage Insurance is currently trading at an attractive earnings multiple with a P/E Ratio (Adjusted) for the last twelve months as of Q1 2024 of just 5.37. This suggests the stock could be undervalued relative to its earnings, which is a point of interest for value-oriented investors.
On the performance front, despite weak gross profit margins of 19.33% for the same period, the company has demonstrated a strong price total return over the last year of 86.53%. This robust return could signal underlying strength in the company's operations or investor confidence in its future prospects. Additionally, the company's revenue growth for the last twelve months as of Q1 2024 was solid at 10.15%, indicating that Heritage Insurance is expanding its top line.
For those seeking deeper insights, there are additional InvestingPro Tips available for Heritage Insurance. These include the company's high price volatility, short-term obligations exceeding liquid assets, and the fact that Heritage Insurance does not pay a dividend to shareholders. With these insights, investors can gain a more comprehensive understanding of the risks and opportunities associated with HRTG. For a full list of tips and to leverage advanced tools, consider subscribing to InvestingPro using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 9 additional InvestingPro Tips available that can further guide investment decisions regarding Heritage Insurance Holdings.
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