Annis Gardner Whiting Capital Advisors LLC Grows Stock Position in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Annis Gardner Whiting Capital Advisors boosted its stake in Heritage Insurance Holdings by 65% in the first quarter, bringing its holdings to 126,871 shares worth about $3.33 million.
• Brokerage sentiment was mixed but overall constructive: several firms updated ratings, and the stock now carries a Moderate Buy consensus with a $33.50 average price target.
• Heritage Insurance shares were trading around $27.06 after rising 1.9%, while the company recently reported EPS of $1.19, missing estimates, and insiders showed both buying and selling activity in recent months.

Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 65.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,871 shares of the insurance provider's stock after purchasing an additional 50,000 shares during the quarter. Heritage Insurance makes up approximately 0.5% of Annis Gardner Whiting Capital Advisors LLC's investment portfolio, making the stock its 27th largest position. Annis Gardner Whiting Capital Advisors LLC owned about 0.42% of Heritage Insurance worth $3,330,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new position in Heritage Insurance in the 3rd quarter worth approximately $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Heritage Insurance in the 4th quarter worth $31,000. Royal Bank of Canada increased its stake in shares of Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider's stock worth $35,000 after acquiring an additional 497 shares during the last quarter. Harbour Investments Inc. purchased a new position in shares of Heritage Insurance during the 4th quarter worth $50,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Heritage Insurance by 2,178.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,709 shares of the insurance provider's stock worth $50,000 after acquiring an additional 1,634 shares during the period. 59.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on HRTG. Zacks Research raised shares of Heritage Insurance from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Piper Sandler boosted their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday. Truist Financial dropped their price target on shares of Heritage Insurance from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Wall Street Zen downgraded shares of Heritage Insurance from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered shares of Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.50.

Heritage Insurance Stock Up 1.9%

Shares of NYSE HRTG opened at $27.06 on Friday. The stock has a market cap of $821.27 million, a P/E ratio of 4.15 and a beta of 0.88. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. Heritage Insurance Holdings, Inc. has a 12-month low of $16.83 and a 12-month high of $31.98. The business's fifty day simple moving average is $24.10 and its 200-day simple moving average is $25.84.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released 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 company had revenue of $212.66 million for the quarter, compared to analyst estimates of $215.39 million. Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%. As a group, equities analysts predict that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Transactions at Heritage Insurance

In related news, Director Paul L. Whiting acquired 16,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $23.56 per share, with a total value of $376,960.00. Following the completion of the transaction, the director owned 103,126 shares in the company, valued at $2,429,648.56. This represents a 18.36% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $26.58, for a total transaction of $244,536.00. Following the completion of the sale, the chief accounting officer directly owned 105,588 shares in the company, valued at approximately $2,806,529.04. This represents a 8.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 35,934 shares of company stock valued at $965,041. 9.20% of the stock is currently owned by corporate insiders.

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.

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