Ieq Capital LLC Purchases New Shares in Heritage Insurance Holdings, Inc. $HRTG

Ieq Capital LLC purchased a new position in Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 18,939 shares of the insurance provider’s stock, valued at approximately $494,000. Ieq Capital LLC owned approximately 0.06% of Heritage Insurance at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in shares of Heritage Insurance in the third quarter worth about $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Heritage Insurance during the fourth quarter valued at approximately $31,000. Royal Bank of Canada raised its holdings in shares of Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 497 shares during the period. Optiver Holding B.V. lifted its position in shares of Heritage Insurance by 510.0% in 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. purchased a new stake in shares of Heritage Insurance in the 4th quarter valued at approximately $50,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Stock Down 0.7%

HRTG stock opened at $33.92 on Friday. The company has a 50 day moving average of $29.51 and a two-hundred day moving average of $26.85. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 4.83 and a beta of 0.89. Heritage Insurance Holdings, Inc. has a 12-month low of $20.48 and a 12-month 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.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The business had revenue of $214.19 million for the quarter, compared to analysts’ expectations of $212.71 million. On average, 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

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

Insider Transactions at Heritage Insurance

In related news, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $30.03, for a total transaction of $276,276.00. Following the transaction, the chief accounting officer owned 96,388 shares of the company’s stock, valued at approximately $2,894,531.64. This trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kirk Lusk sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.16, for a total transaction of $341,600.00. Following the completion of the sale, the chief financial officer directly owned 492,522 shares of the company’s stock, valued at $16,824,551.52. This represents a 1.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 71,204 shares of company stock valued at $2,215,483. Corporate 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.