Bank of America Corp DE Has $5.11 Million Stake in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Bank of America increased its Heritage Insurance stake by 92.5% in the first quarter, holding 194,689 shares worth approximately $5.11 million. Institutional investors collectively own 59.03% of HRTG.
• Heritage Insurance reported quarterly EPS of $2.05, beating estimates of $1.25, while revenue of $214.19 million slightly exceeded forecasts. The company posted a 25.19% net margin and 42.41% return on equity.
• Analyst sentiment is broadly positive, with an average “Buy” rating and a consensus price target of $36.50; however, company insiders sold 71,204 shares worth about $2.22 million during the last quarter.

Bank of America Corp DE raised its holdings in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 92.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 194,689 shares of the insurance provider's stock after purchasing an additional 93,548 shares during the quarter. Bank of America Corp DE owned approximately 0.64% of Heritage Insurance worth $5,111,000 as of its most recent SEC filing.

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

Heritage Insurance Trading Down 1.1%

NYSE:HRTG opened at $34.02 on Friday. The company has a market cap of $1.01 billion, a P/E ratio of 4.85 and a beta of 0.89. Heritage Insurance Holdings, Inc. has a twelve month low of $20.48 and a twelve month high of $36.50. The business has a 50 day moving average price of $29.30 and a two-hundred day moving average price of $26.80. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.80. The company had revenue of $214.19 million for the quarter, compared to the consensus estimate of $212.71 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. As a group, analysts expect that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Heritage Insurance news, insider Timothy Moura sold 15,104 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $32.49, for a total value of $490,728.96. Following the completion of the transaction, the insider directly owned 144,941 shares in the company, valued at $4,709,133.09. This trade represents a 9.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy E. Johns sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $33.68, for a total value of $117,880.00. Following the transaction, the insider directly owned 25,438 shares in the company, valued at $856,751.84. This trade represents a 12.09% 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. Insiders have sold 71,204 shares of company stock valued at $2,215,483 in the last quarter. Company insiders own 9.20% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wall Street Zen upgraded Heritage Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Piper Sandler upped their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Truist Financial lifted their target price on Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Zacks Research raised Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Heritage Insurance in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $36.50.

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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