Empowered Funds LLC Purchases Shares of 162,183 Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Empowered Funds LLC acquired 162,183 shares of Heritage Insurance, valued at approximately $4.23 million, giving it a 0.55% stake. Institutional investors collectively own 59.03% of the company.
• Heritage Insurance reported quarterly earnings of $2.05 per share, beating estimates of $1.25, while revenue of $214.19 million also exceeded expectations. The company posted a 25.19% net margin and 42.41% return on equity.
• Analyst sentiment is favorable, with the stock carrying a consensus “Buy” rating and an average price target of $36.50; Truist Financial raised its target to $42.00. However, company insiders sold 71,204 shares worth $2.22 million over the last quarter.

Empowered Funds LLC purchased a new stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 162,183 shares of the insurance provider's stock, valued at approximately $4,230,000. Empowered Funds LLC owned about 0.55% of Heritage Insurance as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Kestra Private Wealth Services LLC grew its position in Heritage Insurance by 1.9% during the first quarter. Kestra Private Wealth Services LLC now owns 26,303 shares of the insurance provider's stock valued at $690,000 after buying an additional 489 shares during the period. Royal Bank of Canada increased its holdings in Heritage Insurance by 72.6% during the fourth quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider's stock valued at $35,000 after buying an additional 497 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock worth $196,000 after acquiring an additional 546 shares during the period. Graham Capital Management L.P. raised its position in Heritage Insurance by 4.2% in the fourth quarter. Graham Capital Management L.P. now owns 19,378 shares of the insurance provider's stock worth $567,000 after acquiring an additional 789 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of Heritage Insurance during the 3rd quarter worth $25,000. Institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Performance

Shares of NYSE HRTG opened at $33.59 on Tuesday. The firm has a fifty day moving average price of $29.71 and a 200-day moving average price of $26.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $998.63 million, a PE ratio of 4.78 and a beta of 0.89. Heritage Insurance Holdings, Inc. has a 1 year low of $20.48 and a 1 year high of $36.50.

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 for the quarter, beating analysts' consensus estimates of $1.25 by $0.80. The company had revenue of $214.19 million for the quarter, compared to analysts' expectations of $212.71 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. Equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other news, insider Timothy E. Johns sold 3,500 shares of the business's stock in a transaction dated 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 $856,751.84. The trade was a 12.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 owned 492,522 shares in the company, valued at $16,824,551.52. The trade was a 1.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 71,204 shares of company stock valued at $2,215,483. 9.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on HRTG shares. Weiss Ratings restated a "buy (b-)" rating on shares of Heritage Insurance in a research note on Friday, August 7th. Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. 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. Truist Financial upped their price target on Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen raised Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Heritage Insurance currently has an average rating of "Buy" and an average price target of $36.50.

About Heritage Insurance

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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