Dimensional Fund Advisors LP Increases Stock Holdings in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Dimensional Fund Advisors increased its Heritage Insurance stake by 3.0% to 1.25 million shares, representing about 4.11% of the company. Institutional investors collectively own 59.03% of HRTG.
• Analyst sentiment remains favorable, with an average “Moderate Buy” rating and a $33.50 price target, despite mixed revisions and two recent downgrades to “Hold.”
• Heritage Insurance reported quarterly EPS of $1.19, below the $1.53 consensus estimate, while revenue of $212.66 million also came in slightly under forecasts. The stock opened at $29.89, near its 52-week high of $31.98.

Dimensional Fund Advisors LP grew its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 3.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,246,923 shares of the insurance provider's stock after purchasing an additional 36,879 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.11% of Heritage Insurance worth $32,732,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of HRTG. Vanguard Group Inc. raised its position in Heritage Insurance by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider's stock worth $55,039,000 after acquiring an additional 234,296 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of 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 purchasing an additional 128,927 shares in the last quarter. Nuveen LLC boosted its position in shares of Heritage Insurance by 181.7% during the 4th quarter. Nuveen LLC now owns 169,454 shares of the insurance provider's stock worth $4,958,000 after purchasing an additional 109,307 shares in the last quarter. Millennium Management LLC grew its stake in shares of Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock worth $4,657,000 after purchasing an additional 91,982 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Heritage Insurance during the 4th quarter worth $2,527,000. Hedge funds and other institutional investors own 59.03% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HRTG shares. Truist Financial reduced their price objective on Heritage Insurance from $39.00 to $36.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Piper Sandler boosted their price target on Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Zacks Research raised Heritage Insurance from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Weiss Ratings lowered Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Finally, Wall Street Zen cut Heritage Insurance from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $33.50.

Heritage Insurance Stock Performance

Shares of HRTG opened at $29.89 on Wednesday. The firm has a market cap of $907.04 million, a price-to-earnings ratio of 4.58 and a beta of 0.89. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $25.42 and its two-hundred day moving average is $25.92. Heritage Insurance Holdings, Inc. has a 52-week low of $16.83 and a 52-week high of $31.98.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.53 by ($0.34). Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%.The company had revenue of $212.66 million during the quarter, compared to the consensus estimate of $215.39 million. Analysts forecast that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insider Activity

In other news, CAO Sharon Binnun sold 9,200 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $26.58, for a total value of $244,536.00. Following the sale, the chief accounting officer owned 105,588 shares in the company, valued at approximately $2,806,529.04. This represents a 8.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul L. Whiting purchased 16,000 shares of Heritage Insurance stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $23.56 per share, for a total transaction of $376,960.00. Following the transaction, the director directly owned 103,126 shares of the company's stock, valued at approximately $2,429,648.56. The trade was a 18.36% increase in their position. The disclosure for this purchase is available in the SEC filing. 9.20% of the stock is currently owned by insiders.

Heritage Insurance 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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