American Century Companies Inc. Increases Stake in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• American Century Companies Inc. has increased its stake in Heritage Insurance Holdings, Inc. by 14.7%, owning 676,814 shares valued at approximately $9.76 million.
• Heritage Insurance received a "strong-buy" rating from Zacks Research and multiple analysts have raised their target price for the stock, with an average target of $29.00.
• The company reported $1.55 earnings per share for the last quarter, exceeding analysts’ estimates but fell short on revenue, bringing in $208.04 million against expectations of $212.12 million.

American Century Companies Inc. lifted its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 14.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 676,814 shares of the insurance provider's stock after purchasing an additional 86,915 shares during the period. American Century Companies Inc. owned about 2.18% of Heritage Insurance worth $9,760,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in HRTG. Triumph Capital Management bought a new stake in Heritage Insurance in the fourth quarter valued at $121,000. Cantor Fitzgerald L. P. bought a new stake in Heritage Insurance in the fourth quarter valued at $133,000. CWM LLC boosted its holdings in Heritage Insurance by 83.7% in the first quarter. CWM LLC now owns 9,951 shares of the insurance provider's stock valued at $143,000 after acquiring an additional 4,535 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Heritage Insurance during the 1st quarter valued at $144,000. Finally, Aquatic Capital Management LLC bought a new stake in shares of Heritage Insurance during the 4th quarter valued at $150,000. Institutional investors own 59.03% of the company's stock.

Insiders Place Their Bets

In other Heritage Insurance news, Director Paul L. Whiting bought 2,500 shares of Heritage Insurance stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $20.50 per share, for a total transaction of $51,250.00. Following the completion of the purchase, the director directly owned 87,126 shares in the company, valued at approximately $1,786,083. This trade represents a 2.95% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 14.00% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on HRTG shares. Zacks Research raised Heritage Insurance to a "strong-buy" rating in a report on Monday, August 11th. Piper Sandler lifted their price target on Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Truist Financial lifted their price target on Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $29.00.

Heritage Insurance Stock Performance

Shares of NYSE HRTG traded up $0.29 during midday trading on Monday, hitting $22.76. 480,604 shares of the company's stock traded hands, compared to its average volume of 482,145. Heritage Insurance Holdings, Inc. has a 1 year low of $8.70 and a 1 year high of $26.64. The stock has a market capitalization of $705.95 million, a price-to-earnings ratio of 6.56 and a beta of 1.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a fifty day moving average of $21.92 and a 200 day moving average of $19.49.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.52. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%.The company had revenue of $208.04 million during the quarter, compared to the consensus estimate of $212.12 million. On average, analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

About Heritage Insurance

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.