41,833 Shares in Heritage Insurance Holdings, Inc. $HRTG Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP bought 41,833 Heritage Insurance shares worth approximately $1.09 million, while institutional investors collectively own 59.03% of the company.
• Heritage Insurance reported quarterly earnings of $2.05 per share, beating estimates by $0.80, on revenue of $214.19 million. The company posted a 25.19% net margin and 42.41% return on equity.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $36.50; however, insiders sold 86,269 shares valued at approximately $2.82 million over the past quarter.

Corient Private Wealth LP purchased a new position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 41,833 shares of the insurance provider's stock, valued at approximately $1,091,000. Corient Private Wealth LP owned 0.14% of Heritage Insurance as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Optiver Holding B.V. grew its stake in Heritage Insurance by 510.0% during the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider's stock worth $37,000 after purchasing an additional 1,173 shares during the period. Harbour Investments Inc. acquired a new position in Heritage Insurance in the fourth quarter valued at approximately $50,000. Pinnacle Holdings LLC bought a new position in shares of Heritage Insurance during the 2nd quarter worth approximately $48,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Heritage Insurance by 3,774.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,906 shares of the insurance provider's stock worth $85,000 after buying an additional 2,831 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Heritage Insurance during the 2nd quarter worth approximately $92,000. Institutional investors and hedge funds own 59.03% of the company's stock.

Insider Transactions at Heritage Insurance

In other news, CFO Kirk Lusk sold 10,000 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.16, for a total value 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. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Timothy Johns sold 3,500 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $34.74, for a total value of $121,590.00. Following the completion of the transaction, the insider owned 21,938 shares in the company, valued at $762,126.12. This represents a 13.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 86,269 shares of company stock valued at $2,822,771. Corporate insiders own 9.20% of the company's stock.

Heritage Insurance Stock Performance

NYSE HRTG opened at $33.25 on Friday. The company has a market cap of $988.52 million, a P/E ratio of 4.74 and a beta of 0.92. The company has a fifty day simple moving average of $32.57 and a 200 day simple moving average of $27.99. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. Heritage Insurance Holdings, Inc. has a 12-month low of $20.48 and a 12-month high of $36.50.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping 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 firm had revenue of $214.19 million for the quarter, compared to the consensus estimate of $212.71 million. Sell-side analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Weiss Ratings raised shares of Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, September 8th. Piper Sandler raised their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Zacks Research raised shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Finally, Truist Financial upped their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a report 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $36.50.

About Heritage Insurance

Heritage Insurance Holdings, Inc is a property and casualty insurance company that provides residential property coverage through its insurance subsidiaries. Its products primarily include homeowners insurance and related coverage for personal and commercial residential properties, including protection against risks such as wind, fire and other property damage.

The company focuses on serving customers in catastrophe-exposed coastal markets, particularly in the Southeastern United States.

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