Arkadios Wealth Advisors Makes New Investment in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Key Points

• Arkadios Wealth Advisors acquired 119,770 shares in Heritage Insurance Holdings, Inc. valued at approximately $1,727,000, representing 0.39% ownership of the company.
• Heritage Insurance reported an earnings per share (EPS) of $0.99 for the recent quarter, significantly exceeding the consensus estimate of $0.46.
• A number of analysts have upgraded their ratings on Heritage Insurance, with Truist Financial increasing their price target from $20.00 to $30.00.

Arkadios Wealth Advisors purchased a new stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 119,770 shares of the insurance provider's stock, valued at approximately $1,727,000. Arkadios Wealth Advisors owned about 0.39% of Heritage Insurance at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. purchased a new stake in Heritage Insurance in the 4th quarter worth about $7,799,000. Dimensional Fund Advisors LP increased its holdings in Heritage Insurance by 14.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider's stock worth $18,993,000 after acquiring an additional 193,590 shares during the last quarter. Invesco Ltd. increased its holdings in Heritage Insurance by 24.0% in the 4th quarter. Invesco Ltd. now owns 944,639 shares of the insurance provider's stock worth $11,430,000 after acquiring an additional 182,624 shares during the last quarter. AQR Capital Management LLC increased its holdings in Heritage Insurance by 49.6% in the 4th quarter. AQR Capital Management LLC now owns 468,860 shares of the insurance provider's stock worth $5,673,000 after acquiring an additional 155,358 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Heritage Insurance by 46.1% in the 4th quarter. Ameriprise Financial Inc. now owns 384,948 shares of the insurance provider's stock worth $4,658,000 after acquiring an additional 121,518 shares during the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HRTG has been the subject of a number of recent analyst reports. Truist Financial lifted their target price on Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wall Street Zen raised Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Piper Sandler lifted their price target on Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th.

Insider Buying and Selling at Heritage Insurance

In other news, Director Panagiotis Apostolou sold 25,000 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $25.40, for a total transaction of $635,000.00. Following the completion of the sale, the director owned 164,719 shares of the company's stock, valued at approximately $4,183,862.60. This represents a 13.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 14.00% of the company's stock.

Heritage Insurance Price Performance

Shares of HRTG traded down $0.30 during trading hours on Monday, reaching $20.71. 102,200 shares of the company's stock traded hands, compared to its average volume of 347,346. The firm's 50 day simple moving average is $22.70 and its 200-day simple moving average is $17.98. The stock has a market cap of $641.80 million, a PE ratio of 8.18 and a beta of 1.05. Heritage Insurance Holdings, Inc. has a 12 month low of $6.81 and a 12 month high of $26.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its earnings results on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.53. The company had revenue of $211.52 million during the quarter, compared to the consensus estimate of $213.68 million. Heritage Insurance had a return on equity of 26.95% and a net margin of 9.29%. Equities analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Heritage Insurance Profile

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.