Quartz Partners LLC Acquires Shares of 188,809 Heritage Insurance Holdings, Inc. $HRTG

Quartz Partners LLC acquired a new stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 188,809 shares of the insurance provider’s stock, valued at approximately $4,924,000. Heritage Insurance comprises about 1.6% of Quartz Partners LLC’s portfolio, making the stock its 21st largest position. Quartz Partners LLC owned about 0.62% of Heritage Insurance at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in HRTG. Meeder Asset Management Inc. acquired a new position in Heritage Insurance during the second quarter valued at $92,000. BlackRock Inc. purchased a new stake in Heritage Insurance in the second quarter valued at $60,842,000. Deutsche Bank AG acquired a new stake in Heritage Insurance during the 2nd quarter worth about $658,000. Bank of New York Mellon Corp purchased a new position in shares of Heritage Insurance during the 2nd quarter valued at about $2,872,000. Finally, State of Wyoming acquired a new position in shares of Heritage Insurance in the 2nd quarter valued at about $210,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

Heritage Insurance Trading Down 0.9%

HRTG stock opened at $33.38 on Thursday. The company’s 50-day simple moving average is $27.94 and its 200-day simple moving average is $26.48. 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 Holdings, Inc. has a 52-week low of $20.48 and a 52-week high of $36.50. The firm has a market cap of $992.39 million, a P/E ratio of 4.75 and a beta of 0.89.

Heritage Insurance (NYSE:HRTG) last released its quarterly 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 return on equity of 42.41% and a net margin of 25.19%.The company had revenue of $214.19 million during the quarter, compared to analysts’ expectations of $212.71 million. As a group, equities analysts forecast that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current fiscal year.

Insider Transactions at Heritage Insurance

In other news, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $32.49, for a total value of $490,728.96. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ernie J. Garateix sold 5,000 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.31, for a total transaction of $171,550.00. Following the transaction, the chief executive officer owned 1,055,955 shares in the company, valued at $36,229,816.05. The trade was a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 57,704 shares of company stock valued at $1,748,803. Insiders own 9.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on HRTG shares. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Piper Sandler boosted 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Heritage Insurance in a report on Friday, August 7th. Wall Street Zen upgraded Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Truist Financial raised their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One 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. Based on data from MarketBeat.com, Heritage Insurance currently has a consensus rating of “Buy” and a consensus target price of $36.50.

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.