Counterpoint Mutual Funds LLC Takes $2.50 Million Position in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Counterpoint Mutual Funds LLC invested approximately $2.50 million in Heritage Insurance Holdings, Inc., acquiring 100,188 shares, making it the fund's 19th largest position.
• Insider trading activity includes the CEO and CFO of Heritage Insurance selling substantial amounts of stock, with the CEO selling 25,000 shares for over $615,000.
• Heritage Insurance Holdings reported an EPS of $1.55, exceeding analyst expectations, while several analysts have issued positive ratings and price target increases for the stock.

Counterpoint Mutual Funds LLC bought a new stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 100,188 shares of the insurance provider's stock, valued at approximately $2,499,000. Heritage Insurance accounts for approximately 0.2% of Counterpoint Mutual Funds LLC's portfolio, making the stock its 19th biggest position. Counterpoint Mutual Funds LLC owned approximately 0.32% of Heritage Insurance at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. increased its stake in Heritage Insurance by 46.1% in the 4th quarter. Ameriprise Financial Inc. now owns 384,948 shares of the insurance provider's stock valued at $4,658,000 after buying an additional 121,518 shares during the period. BNP Paribas Financial Markets increased its stake in Heritage Insurance by 20.9% in the 4th quarter. BNP Paribas Financial Markets now owns 23,226 shares of the insurance provider's stock valued at $281,000 after buying an additional 4,011 shares during the period. Deutsche Bank AG increased its stake in Heritage Insurance by 23.7% in the 4th quarter. Deutsche Bank AG now owns 16,744 shares of the insurance provider's stock valued at $203,000 after buying an additional 3,208 shares during the period. Man Group plc acquired a new position in Heritage Insurance in the 4th quarter valued at $662,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Heritage Insurance in the 4th quarter valued at $797,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Heritage Insurance news, CEO Ernie J. Garateix sold 25,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $24.61, for a total value of $615,250.00. Following the transaction, the chief executive officer directly owned 1,245,808 shares in the company, valued at approximately $30,659,334.88. This represents a 1.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirk Lusk sold 20,000 shares of the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $24.17, for a total transaction of $483,400.00. Following the completion of the transaction, the chief financial officer owned 598,756 shares in the company, valued at approximately $14,471,932.52. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,000 shares of company stock worth $4,027,520 in the last 90 days. 14.00% of the stock is currently owned by corporate insiders.

Heritage Insurance Price Performance

NYSE:HRTG opened at $27.16 on Tuesday. The firm has a market cap of $842.35 million, a price-to-earnings ratio of 7.83 and a beta of 1.05. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.24. The company's 50-day moving average is $22.48 and its two-hundred day moving average is $20.84. Heritage Insurance Holdings, Inc. has a 12-month low of $8.70 and a 12-month high of $29.10.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its earnings results 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. The company had revenue of $208.04 million for the quarter, compared to analyst estimates of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. Research analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on HRTG shares. Truist Financial boosted their price objective on shares of Heritage Insurance from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Friday. Zacks Research raised shares of Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. Finally, Wall Street Zen cut shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $31.50.

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.

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