BlackRock Inc. Makes New Investment in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• BlackRock acquired a 7.69% stake in Heritage Insurance during the second quarter, purchasing 2.33 million shares valued at approximately $60.8 million. Institutional investors collectively own 59.03% of the company.
• Heritage reported quarterly EPS of $2.05, beating analyst expectations of $1.25, while revenue of $214.2 million slightly exceeded estimates. Analysts expect full-year EPS of approximately $5.50.
• Investor sentiment is broadly positive: analysts maintain a consensus “Buy” rating with an average price target of $36.50, although company insiders sold 71,204 shares worth about $2.2 million over the past 90 days.

BlackRock Inc. acquired a new position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,332,889 shares of the insurance provider's stock, valued at approximately $60,842,000. BlackRock Inc. owned 7.69% of Heritage Insurance as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Advisory Services Network LLC acquired a new stake in Heritage Insurance during the third quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. acquired a new position in Heritage Insurance in the fourth quarter worth approximately $31,000. Royal Bank of Canada grew its position in Heritage Insurance by 72.6% in the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider's stock worth $35,000 after buying an additional 497 shares during the last quarter. Optiver Holding B.V. increased its holdings in shares of Heritage Insurance by 510.0% in the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider's stock valued at $37,000 after buying an additional 1,173 shares in the last quarter. Finally, Harbour Investments Inc. bought a new position in shares of Heritage Insurance in the fourth quarter valued at $50,000. Institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Up 0.2%

HRTG stock opened at $33.92 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. Heritage Insurance Holdings, Inc. has a 52-week low of $20.48 and a 52-week high of $36.50. The company has a 50-day moving average of $29.51 and a two-hundred day moving average of $26.86. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 4.83 and a beta of 0.89.

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

Insider Activity at Heritage Insurance

In other Heritage Insurance news, CFO Kirk Lusk sold 10,000 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.16, for a total value of $341,600.00. Following the completion of the transaction, the chief financial officer directly owned 492,522 shares of the company's stock, valued at approximately $16,824,551.52. The trade was a 1.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Timothy E. Johns sold 3,500 shares of the company's stock in a transaction 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 approximately $856,751.84. This represents a 12.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 71,204 shares of company stock valued at $2,215,483. Insiders own 9.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

Heritage Insurance Company Profile

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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