Heritage Insurance Holdings, Inc. $HRTG Shares Acquired by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Heritage Insurance stake by 52.6% in the first quarter, purchasing 75,339 additional shares for a total holding of 218,655 shares. Institutional investors collectively own 59.03% of HRTG.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $33.50. Truist lowered its target to $36, while Piper Sandler raised its target to $31 and maintained an overweight rating.
• Heritage Insurance reported quarterly EPS of $1.19, below the $1.53 consensus estimate, while revenue of $212.66 million also missed expectations. The stock opened at $29.28, compared with a 12-month range of $16.83 to $31.98.

Arrowstreet Capital Limited Partnership increased its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 52.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,655 shares of the insurance provider's stock after purchasing an additional 75,339 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.72% of Heritage Insurance worth $5,740,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its position in Heritage Insurance by 5.6% during the first quarter. First Trust Advisors LP now owns 86,818 shares of the insurance provider's stock worth $2,279,000 after acquiring an additional 4,569 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Heritage Insurance by 3.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider's stock valued at $32,732,000 after acquiring an additional 36,879 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Heritage Insurance by 65.0% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 126,871 shares of the insurance provider's stock valued at $3,330,000 after acquiring an additional 50,000 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Heritage Insurance by 23.1% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,264 shares of the insurance provider's stock worth $296,000 after purchasing an additional 2,113 shares during the period. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Heritage Insurance during the first quarter worth $295,000. Institutional investors and hedge funds own 59.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on HRTG shares. Truist Financial dropped their target price on Heritage Insurance from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Zacks Research raised Heritage Insurance from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. Weiss Ratings cut Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Heritage Insurance from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Piper Sandler raised their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Heritage Insurance has a consensus rating of "Moderate Buy" and an average target price of $33.50.

Insider Buying and Selling

In other Heritage Insurance news, Director Paul L. Whiting bought 16,000 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $23.56 per share, with a total value of $376,960.00. Following the purchase, the director owned 103,126 shares in the company, valued at approximately $2,429,648.56. The trade was a 18.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $26.58, for a total transaction of $244,536.00. Following the transaction, the chief accounting officer owned 105,588 shares in the company, valued at $2,806,529.04. The trade was a 8.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 9.20% of the company's stock.

Heritage Insurance Stock Performance

Heritage Insurance stock opened at $29.28 on Monday. The stock's 50-day moving average is $25.14 and its 200-day moving average is $25.86. The company has a market cap of $888.77 million, a price-to-earnings ratio of 4.49 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. Heritage Insurance Holdings, Inc. has a 12 month low of $16.83 and a 12 month high of $31.98.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its 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). The firm had revenue of $212.66 million for the quarter, compared to analysts' expectations of $215.39 million. Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%. Equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.33 earnings per share for the current year.

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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