85,115 Shares in Heritage Insurance Holdings, Inc. $HRTG Acquired by Denali Advisors LLC

Key Points

• Denali Advisors LLC initiated a new position in Heritage Insurance, buying 85,115 shares valued at about $2.49 million and ending the quarter with roughly 0.28% ownership.
• Several other institutions adjusted their stakes, while insiders sold shares over the past 90 days; the most notable sales came from CAO Sharon Binnun and insider Timothy Moura.
• Heritage Insurance reported Q1 earnings of $1.19 per share, missing analyst estimates, and the stock has drawn mixed but mostly positive analyst views, with a consensus “Buy” rating and average price target of $39.

Denali Advisors LLC bought a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 85,115 shares of the insurance provider's stock, valued at approximately $2,490,000. Denali Advisors LLC owned approximately 0.28% of Heritage Insurance at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock valued at $196,000 after buying an additional 546 shares in the last quarter. Millennium Management LLC lifted its position in shares of Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock valued at $4,657,000 after acquiring an additional 91,982 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Heritage Insurance by 8.4% during the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider's stock valued at $1,800,000 after acquiring an additional 9,728 shares during the last quarter. Strs Ohio acquired a new stake in shares of Heritage Insurance during the 1st quarter valued at $127,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Heritage Insurance by 1,078.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock valued at $3,514,000 after acquiring an additional 128,927 shares during the last quarter. Institutional investors own 59.03% of the company's stock.

Insider Transactions at Heritage Insurance

In other news, CAO Sharon Binnun sold 9,200 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $25.72, for a total value of $236,624.00. Following the transaction, the chief accounting officer directly owned 133,188 shares of the company's stock, valued at approximately $3,425,595.36. This represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 29,133 shares of the company's stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $26.63, for a total transaction of $775,811.79. Following the completion of the sale, the insider owned 210,535 shares of the company's stock, valued at $5,606,547.05. This represents a 12.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 130,918 shares of company stock valued at $3,446,606. 15.20% of the stock is owned by insiders.

Heritage Insurance Stock Performance

Shares of Heritage Insurance stock opened at $22.31 on Friday. The stock has a market cap of $676.96 million, a PE ratio of 3.42 and a beta of 1.03. The business has a fifty day simple moving average of $27.37 and a 200-day simple moving average of $27.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. Heritage Insurance Holdings, Inc. has a 12 month low of $16.83 and a 12 month high of $31.98.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its earnings results on Thursday, May 7th. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34). The business had revenue of $212.66 million during the quarter, compared to analyst estimates of $215.39 million. Heritage Insurance had a return on equity of 45.62% and a net margin of 23.76%. On average, sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on HRTG shares. Wall Street Zen downgraded Heritage Insurance from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reiterated a "buy (b)" rating on shares of Heritage Insurance in a research report on Friday, March 27th. Truist Financial increased their price objective on Heritage Insurance from $37.00 to $39.00 and gave the company a "buy" rating in a research report on Monday, March 9th. Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 11th. Finally, Citigroup reiterated a "market perform" rating on shares of Heritage Insurance in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $39.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.