Heritage Insurance Holdings (HRTG) Chief Accounting Officer Sharon Binnun Sells 6,565 Shares
GuruFocus News
09/11/2026 19:09
In a Form 4 filed with the U.S. Securities and Exchange Commission, Sharon Binnun, Chief Accounting Officer of Heritage Insurance Holdings Inc HRTG, reported the sale of 6,565 shares of the company’s common stock on 2026-09-09. Following the transaction, the insider owns 80,623 shares of the company, according to the SEC Filing.
The sale adds to a consistent pattern of insider distribution at the property and casualty insurer. Over the past year, Sharon Binnun has sold 69,658 shares in total and purchased 0 shares, underscoring a one-sided trading record for the Chief Accounting Officer. The insider’s position description reflects the role at the parent company level, Heritage Insurance Holdings Inc.
Company Background
Heritage Insurance Holdings Inc HRTG is a property and casualty insurance holding company headquartered in Tampa, Florida. Through its subsidiaries, the company provides personal and commercial residential insurance products, primarily homeowners insurance, in coastal and other catastrophe-exposed states. Heritage writes policies in Florida, as well as in a number of other states including New York, New Jersey, Connecticut, Rhode Island, Massachusetts, Alabama, South Carolina, North Carolina, Mississippi, Hawaii, and California. The company’s business model is heavily influenced by catastrophe risk management, reinsurance purchasing, and rate adequacy in hurricane-prone markets. Heritage has also expanded through affiliated managing general agents and has worked to diversify its book of business beyond its historical Florida concentration.
Insider Activity in Context
The broader insider transaction history for Heritage Insurance Holdings Inc HRTG shows a pronounced skew toward selling. Over the past year, there has been 1 insider buy in total, compared with 37 insider sells over the same timeframe. That ratio — 37 sales against a single purchase — suggests that insiders as a group have been net distributors of shares, even as the stock has traded at levels that some valuation measures flag as elevated.
It is worth noting that insider sales can occur for a variety of reasons, including diversification, tax planning, liquidity needs, or pre-arranged trading plans. A single sale, or even a series of sales, does not by itself indicate a negative view of the company’s prospects. However, when sales are persistent and unaccompanied by open-market purchases, the pattern can be informative for investors evaluating management’s alignment with shareholders.
Valuation Snapshot
Shares of Heritage Insurance Holdings Inc HRTG were trading for $33.82 apiece on the day of Sharon Binnun’s recent transaction. This gives the stock a market cap of approximately $1.03 billion.
On traditional valuation metrics, the stock screens cheap relative to peers. The price-earnings ratio is 4.93, which is lower than the industry median of 11.87 and lower than the company’s historical median price-earnings ratio. A low earnings multiple can reflect either genuine undervaluation or market skepticism about the sustainability of current earnings — a distinction that matters for a catastrophe-exposed insurer whose results can swing sharply with weather events and reserve development.
GF Value Assessment
GuruFocus’s intrinsic-value estimate, the GF Value, offers a different perspective. The GF Value is not a simple multiple-based screen; it blends three inputs: the historical multiples the stock has traded at (including the price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow), a GuruFocus adjustment factor based on the company’s past returns and growth, and future estimates of business performance from Morningstar analysts.
With a price of $33.82 and a GuruFocus Value of $26.54, Heritage Insurance Holdings Inc HRTG has a price-to-GF-Value ratio of 1.27. That places the stock in Significantly Overvalued territory based on this measure. In other words, while the earnings multiple looks low in isolation, the GF Value framework — which accounts for the company’s historical trading range and analyst expectations — suggests the shares are trading meaningfully above intrinsic value.
Guru Ownership Signal
GuruFocus’s 13F tracking adds another layer. Currently, 2 gurus hold shares of Heritage Insurance Holdings Inc HRTG, with 1 adding to their positions and 3 trimming in recent quarters. This premium guru ownership data is tracked by GuruFocus and is not available on Simply Wall St or Morningstar. The combination of more gurus trimming than adding, alongside the persistent insider selling and the Significantly Overvalued GF Value verdict, paints a picture of cautious institutional and insider sentiment even as the stock trades at a low headline earnings multiple.
What the Signals Together Suggest
For investors, the takeaway is not that insider selling or a GF Value flag is a standalone sell signal. Rather, the convergence of several data points is notable: 37 insider sells versus 1 buy over the past year, the Chief Accounting Officer’s uninterrupted selling record with zero purchases, a stock trading 27% above GuruFocus’s intrinsic-value estimate, and a guru ownership base where trimming outnumbers adding. Meanwhile, the low price-earnings ratio of 4.93 relative to both industry and historical medians could attract value-oriented investors — but that discount may reflect real risks inherent to a catastrophe-exposed property insurer.
Investors should weigh these factors alongside the company’s underwriting performance, reinsurance program, reserve adequacy, and exposure to weather-related losses. The insider activity and valuation data provide useful context, but they are inputs to a broader analysis, not conclusions in themselves.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures
I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
