Martingale Asset Management L P Increases 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 grew its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 38.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,380 shares of the insurance provider's stock after acquiring an additional 15,235 shares during the quarter. Martingale Asset Management L P owned about 0.18% of Heritage Insurance worth $784,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in HRTG. Jacobs Levy Equity Management Inc. purchased a new position in shares of Heritage Insurance in the 4th quarter valued at $7,799,000. Dimensional Fund Advisors LP boosted its position in shares of Heritage Insurance by 14.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider's stock worth $18,993,000 after purchasing an additional 193,590 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Heritage Insurance by 49.6% in the 4th quarter. AQR Capital Management LLC now owns 468,860 shares of the insurance provider's stock worth $5,673,000 after purchasing an additional 155,358 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Heritage Insurance by 46.1% in the 4th quarter. Ameriprise Financial Inc. now owns 384,948 shares of the insurance provider's stock worth $4,658,000 after purchasing an additional 121,518 shares in the last quarter. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Heritage Insurance in the 1st quarter worth $1,727,000. 59.03% of the stock is currently owned by hedge funds and other institutional investors.

Heritage Insurance Stock Performance

Shares of HRTG stock traded up $0.24 on Thursday, hitting $22.47. The company had a trading volume of 261,350 shares, compared to its average volume of 364,518. The firm has a market cap of $696.82 million, a P/E ratio of 6.47 and a beta of 1.05. The company has a 50-day moving average price of $21.92 and a 200-day moving average price of $19.17. 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 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 data on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.52. The business had revenue of $208.04 million during the quarter, compared to analysts' expectations of $212.12 million. Heritage Insurance had a return on equity of 33.36% and a net margin of 12.71%. As a group, equities research analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Paul L. Whiting acquired 2,500 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $20.50 per share, with a total value of $51,250.00. Following the acquisition, the director directly owned 87,126 shares in the company, valued at $1,786,083. This represents a 2.95% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 15.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Piper Sandler raised their price objective on Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Truist Financial raised their price objective on Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen cut Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Zacks Research raised Heritage Insurance to a "strong-buy" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Heritage Insurance presently has an average rating of "Buy" and a consensus price target of $29.00.

About Heritage Insurance

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.