Cubist Systematic Strategies LLC Makes New $751,000 Investment in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Cubist Systematic Strategies LLC invested approximately $751,000 in Heritage Insurance Holdings, acquiring 52,060 shares during the first quarter.
• Heritage Insurance reported earnings of $1.55 per share, surpassing analysts' expectations of $1.03, with a net margin of 12.71% and return on equity of 33.36%.
• Several institutional investors have increased their stakes in Heritage Insurance, with 59.03% of the company's stock now owned by institutional investors.

Cubist Systematic Strategies LLC bought a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 52,060 shares of the insurance provider's stock, valued at approximately $751,000. Cubist Systematic Strategies LLC owned about 0.17% of Heritage Insurance as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of HRTG. Triumph Capital Management purchased a new stake in shares of Heritage Insurance during the fourth quarter worth about $121,000. Ameriprise Financial Inc. increased its holdings in Heritage Insurance by 46.1% in the fourth 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 last quarter. BNP Paribas Financial Markets increased its holdings in Heritage Insurance by 20.9% in the fourth 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 last quarter. Balyasny Asset Management L.P. increased its holdings in Heritage Insurance by 111.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 38,358 shares of the insurance provider's stock valued at $464,000 after buying an additional 20,245 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Heritage Insurance by 23.7% in the fourth 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 last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Heritage Insurance

In related news, Director Paul L. Whiting acquired 2,500 shares of Heritage Insurance stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $20.50 per share, with a total value of $51,250.00. Following the purchase, the director directly owned 87,126 shares in the company, valued at $1,786,083. The trade was a 2.95% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sharon Binnun sold 21,000 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $24.47, for a total value of $513,870.00. Following the completion of the sale, the chief accounting officer owned 176,006 shares of the company's stock, valued at $4,306,866.82. The trade was a 10.66% decrease in their position. The disclosure for this sale can be found here. Company insiders own 14.00% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on HRTG shares. Zacks Research raised Heritage Insurance to a "strong-buy" rating in a report on Monday, August 11th. Wall Street Zen lowered Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $29.00.

Heritage Insurance Stock Performance

Shares of NYSE HRTG traded down $0.51 during midday trading on Monday, hitting $24.08. 622,801 shares of the company's stock were exchanged, compared to its average volume of 296,208. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.82 and a quick ratio of 0.82. The stock's 50 day moving average price is $22.05 and its 200-day moving average price is $20.34. The firm has a market cap of $746.84 million, a P/E ratio of 6.94 and a beta of 1.05. Heritage Insurance Holdings, Inc. has a twelve month low of $8.70 and a twelve month high of $26.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly 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 firm had revenue of $208.04 million during the quarter, compared to analyst estimates of $212.12 million. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%. Equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Heritage Insurance Profile

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.