Empowered Funds LLC Invests $4.23 Million in Heritage Insurance Holdings, Inc. $HRTG

Empowered Funds LLC bought a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the second quarter, HoldingsChannel reports. The firm bought 162,183 shares of the insurance provider’s stock, valued at approximately $4,230,000.

Several other institutional investors also recently bought and sold shares of HRTG. Advisory Services Network LLC bought a new stake in Heritage Insurance in the 3rd quarter valued at $25,000. Mcguire Capital Advisors Inc. bought a new position in shares of Heritage Insurance during the 4th quarter valued at about $31,000. Royal Bank of Canada boosted its holdings in shares of Heritage Insurance by 72.6% during the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 497 shares during the last quarter. Optiver Holding B.V. grew its position in shares of Heritage Insurance by 510.0% during the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 1,173 shares in the last quarter. Finally, Pinnacle Holdings LLC purchased a new position in shares of Heritage Insurance during the second quarter valued at about $48,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Heritage Insurance Price Performance

HRTG stock opened at $33.59 on Tuesday. Heritage Insurance Holdings, Inc. has a 52 week low of $20.48 and a 52 week high of $36.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $29.71 and a two-hundred day simple moving average of $26.92. The firm has a market capitalization of $998.63 million, a P/E ratio of 4.78 and a beta of 0.89.

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

Insider Transactions at Heritage Insurance

In related news, insider Timothy E. Johns sold 3,500 shares of Heritage Insurance stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total value of $117,880.00. Following the completion of the transaction, the insider owned 25,438 shares in the company, valued at approximately $856,751.84. This trade represents a 12.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 10,000 shares of Heritage Insurance stock in a transaction dated Monday, August 24th. The stock was 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 of the company’s stock, valued at approximately $36,308,510.40. This represents a 0.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 71,204 shares of company stock worth $2,215,483 in the last quarter. Company insiders own 9.20% of the company’s stock.

About Heritage Insurance

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.