Rhumbline Advisers Acquires 29,667 Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Rhumbline Advisers raised its holdings in Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 2,282.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,967 shares of the insurance provider’s stock after acquiring an additional 29,667 shares during the period. Rhumbline Advisers owned approximately 0.10% of Heritage Insurance worth $219,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of Heritage Insurance by 263.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 87,814 shares of the insurance provider’s stock worth $622,000 after acquiring an additional 63,645 shares during the last quarter. Innealta Capital LLC bought a new stake in Heritage Insurance during the second quarter worth about $30,000. Susquehanna Fundamental Investments LLC bought a new stake in Heritage Insurance during the first quarter worth about $155,000. Empowered Funds LLC boosted its holdings in shares of Heritage Insurance by 8.1% in the 1st quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock worth $1,030,000 after purchasing an additional 7,203 shares in the last quarter. Finally, Fortis Capital Advisors LLC bought a new position in shares of Heritage Insurance during the 1st quarter valued at about $134,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Wall Street Analyst Weigh In

HRTG has been the subject of several recent research reports. StockNews.com downgraded shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 4th. Truist Financial boosted their target price on Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Piper Sandler upgraded Heritage Insurance from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $9.00 to $13.00 in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.67.

Insider Transactions at Heritage Insurance

In other news, Chairman Richard A. Widdicombe bought 4,437 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were purchased at an average price of $14.55 per share, for a total transaction of $64,558.35. Following the completion of the purchase, the chairman now owns 696,497 shares in the company, valued at approximately $10,134,031.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Ernie J. Garateix acquired 5,000 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average price of $8.59 per share, for a total transaction of $42,950.00. Following the completion of the transaction, the chief executive officer now owns 1,072,584 shares in the company, valued at $9,213,496.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Widdicombe bought 4,437 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average price of $14.55 per share, with a total value of $64,558.35. Following the completion of the transaction, the chairman now directly owns 696,497 shares of the company’s stock, valued at approximately $10,134,031.35. The disclosure for this purchase can be found here. 14.00% of the stock is owned by insiders.

Heritage Insurance Trading Down 2.7 %

HRTG opened at $15.51 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.47. Heritage Insurance Holdings, Inc. has a 52 week low of $5.03 and a 52 week high of $16.90. The stock has a market cap of $475.16 million, a PE ratio of 9.46 and a beta of 0.97. The business has a 50 day moving average of $13.00 and a 200-day moving average of $10.14.

Heritage Insurance (NYSE:HRTG) last announced its quarterly earnings data on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.23. Heritage Insurance had a net margin of 7.37% and a return on equity of 26.27%. The business had revenue of $203.57 million for the quarter, compared to analysts’ expectations of $196.81 million. During the same quarter in the prior year, the company earned $0.32 earnings per share. Equities research analysts predict that Heritage Insurance Holdings, Inc. will post 1.93 earnings per share for the current fiscal year.

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.