Bank of America Corp DE Makes New $6.07 Million Investment in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Bank of America initiated a $6.07 million position in Heritage Insurance, purchasing 232,737 shares, or approximately 0.78% of the company. Institutional investors and hedge funds 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 expectations. 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 a $36.50 target price versus the stock’s reported $33.25 price. However, company insiders sold 86,269 shares worth approximately $2.82 million over the past 90 days.

Bank of America Corp DE bought a new stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 232,737 shares of the insurance provider's stock, valued at approximately $6,070,000. Bank of America Corp DE owned approximately 0.78% of Heritage Insurance as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Freestone Grove Partners LP purchased a new position in shares of Heritage Insurance during the 2nd quarter worth $450,000. Man Group plc purchased a new stake in shares of Heritage Insurance in the second quarter valued at about $616,000. Jupiter Topco LLC purchased a new stake in shares of Heritage Insurance in the 2nd quarter valued at approximately $316,000. Hsbc Holdings PLC purchased a new position in Heritage Insurance in the second quarter worth approximately $272,000. Finally, Legal & General Group Plc purchased a new position in shares of Heritage Insurance during the 2nd quarter worth $514,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Stock Down 0.1%

Shares of NYSE HRTG opened at $33.25 on Monday. Heritage Insurance Holdings, Inc. has a 1 year low of $20.48 and a 1 year high of $36.50. The firm's 50 day moving average price is $32.57 and its 200 day moving average price is $28.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $988.52 million, a P/E ratio of 4.74 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its earnings results 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 firm had revenue of $214.19 million during 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, sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current year.

Insider Buying and Selling at Heritage Insurance

In other news, insider Timothy Moura sold 15,104 shares of the company'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 transaction of $490,728.96. Following the completion of the transaction, the insider directly owned 144,941 shares of the company's stock, valued at approximately $4,709,133.09. This 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 can be accessed through the SEC website. Also, CFO Kirk Lusk sold 10,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.16, for a total transaction of $341,600.00. Following the completion of the sale, the chief financial officer directly owned 492,522 shares in the company, valued at approximately $16,824,551.52. This trade represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 86,269 shares of company stock worth $2,822,771. 9.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on HRTG shares. 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. Truist Financial increased their price objective on Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Piper Sandler lifted their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $36.50.

Heritage Insurance Profile

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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