Corient Private Wealth LP Takes Position in Heritage Insurance Holdings, Inc. $HRTG

Corient Private Wealth LP purchased a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the second quarter, HoldingsChannel.com reports. The fund purchased 42,953 shares of the insurance provider’s stock, valued at approximately $1,120,000.

Several other hedge funds and other institutional investors have also modified their holdings of HRTG. Advisory Services Network LLC acquired a new position in Heritage Insurance during the third quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. acquired a new stake in Heritage Insurance in the fourth quarter valued at $31,000. Royal Bank of Canada increased its holdings in Heritage Insurance by 72.6% in the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after buying an additional 497 shares during the last quarter. Optiver Holding B.V. raised its position in shares of Heritage Insurance by 510.0% during the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 1,173 shares in the last quarter. Finally, Harbour Investments Inc. bought a new position in shares of Heritage Insurance in the 4th quarter worth about $50,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Trading Down 3.1%

HRTG opened at $33.84 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $1.01 billion, a PE ratio of 4.82 and a beta of 0.92. The firm has a 50-day moving average price of $30.43 and a two-hundred day moving average price of $27.17. Heritage Insurance Holdings, Inc. has a 1-year low of $20.48 and a 1-year high of $36.50.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%.The firm had revenue of $214.19 million for the quarter, compared to the consensus estimate of $212.71 million. As a group, equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on HRTG. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Piper Sandler lifted their price objective on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Truist Financial increased their price objective on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Heritage Insurance has an average rating of “Buy” and a consensus price target of $36.50.

Insider Transactions at Heritage Insurance

In other news, CEO Ernie J. Garateix sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $34.88, for a total value of $348,800.00. Following the completion of the transaction, the chief executive officer owned 1,040,955 shares in the company, valued at $36,308,510.40. This represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $32.49, for a total transaction of $490,728.96. Following the completion of the transaction, the insider directly owned 144,941 shares of the company’s stock, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 80,404 shares of company stock valued at $2,527,455. 9.20% of the stock is currently owned by insiders.

Heritage Insurance Profile

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.