Martingale Asset Management L P Has $784,000 Stock Position in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Martingale Asset Management L P increased its holdings in Heritage Insurance by 38.9% in Q1 2023, owning 54,380 shares valued at approximately $784,000.
• Several other institutional investors have also raised their stakes in Heritage Insurance, with 59.03% of the stock now owned by hedge funds and institutional investors.
• Heritage Insurance reported earnings of $1.55 per share in its last quarterly results, surpassing estimates, and has received a consensus rating of "Buy" from analysts with a target price of $29.00.

Martingale Asset Management L P lifted its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 38.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 54,380 shares of the insurance provider's stock after purchasing an additional 15,235 shares during the quarter. Martingale Asset Management L P owned 0.18% of Heritage Insurance worth $784,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HRTG. Wells Fargo & Company MN grew its holdings in shares of Heritage Insurance by 18.1% during the fourth quarter. Wells Fargo & Company MN now owns 13,419 shares of the insurance provider's stock valued at $162,000 after buying an additional 2,058 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Heritage Insurance during the 4th quarter worth about $1,123,000. Barclays PLC grew its stake in Heritage Insurance by 10.6% during the 4th quarter. Barclays PLC now owns 45,505 shares of the insurance provider's stock valued at $551,000 after acquiring an additional 4,370 shares in the last quarter. Mariner LLC acquired a new position in shares of Heritage Insurance in the 4th quarter valued at about $338,000. Finally, Walleye Capital LLC purchased a new stake in shares of Heritage Insurance in the fourth quarter worth approximately $191,000. Institutional investors and hedge funds own 59.03% of the company's stock.

Insiders Place Their Bets

In other news, Director Paul L. Whiting purchased 2,500 shares of the firm's stock in a transaction on Friday, August 8th. The stock was bought at an average cost of $20.50 per share, for a total transaction of $51,250.00. Following the completion of the acquisition, the director directly owned 87,126 shares of the company's stock, valued at approximately $1,786,083. The trade was a 2.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.20% of the stock is currently owned by corporate insiders.

Heritage Insurance Stock Up 1.3%

Shares of NYSE:HRTG traded up $0.29 on Friday, reaching $22.76. The company had a trading volume of 480,604 shares, compared to its average volume of 473,205. The stock has a market capitalization of $705.95 million, a P/E ratio of 6.56 and a beta of 1.05. The stock has a 50-day moving average price of $21.93 and a 200 day moving average price of $19.38. Heritage Insurance Holdings, Inc. has a twelve month low of $8.70 and a twelve month high of $26.64. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.52. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%.The business had revenue of $208.04 million for the quarter, compared to the consensus estimate of $212.12 million. On average, equities analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Wall Street Analysts Forecast Growth

HRTG has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Zacks Research raised shares of Heritage Insurance to a "strong-buy" rating in a research note on Monday, August 11th. Piper Sandler increased their price objective on Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Finally, Truist Financial lifted their price objective on Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One investment 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, Heritage Insurance currently has an average rating of "Buy" and a consensus target price of $29.00.

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.