Heritage Insurance Holdings, Inc. $HRTG Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Heritage Insurance stake by 43% in the second quarter, selling 198,523 shares and retaining 263,321 shares worth approximately $6.9 million. Institutional investors collectively own 59.03% of HRTG.
• Analysts maintain a generally positive outlook, with three Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $36.50. Truist and Piper Sandler recently raised their targets to $42 and $31, respectively.
• Heritage Insurance reported quarterly EPS of $2.05, beating estimates of $1.25, while revenue of $214.19 million slightly exceeded expectations. The stock opened at $32.23, versus a 12-month range of $20.48 to $36.50.

Assenagon Asset Management S.A. lowered its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 43.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 263,321 shares of the insurance provider's stock after selling 198,523 shares during the period. Assenagon Asset Management S.A. owned about 0.87% of Heritage Insurance worth $6,867,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of HRTG. Optiver Holding B.V. raised its position in Heritage Insurance by 510.0% during the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 1,173 shares in the last quarter. Bank of America Corp DE boosted its position in Heritage Insurance by 92.5% in the 1st quarter. Bank of America Corp DE now owns 194,689 shares of the insurance provider's stock worth $5,111,000 after purchasing an additional 93,548 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Heritage Insurance by 6.5% during the 1st quarter. Empowered Funds LLC now owns 162,178 shares of the insurance provider's stock worth $4,257,000 after purchasing an additional 9,924 shares during the period. Quantinno Capital Management LP grew its stake in shares of Heritage Insurance by 26.7% during the 1st quarter. Quantinno Capital Management LP now owns 23,781 shares of the insurance provider's stock worth $624,000 after purchasing an additional 5,015 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Heritage Insurance by 52.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider's stock valued at $5,740,000 after purchasing an additional 75,339 shares in the last quarter. Institutional investors and hedge funds own 59.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HRTG. Weiss Ratings reiterated a "buy (b-)" rating on shares of Heritage Insurance in a research note on Friday. Wall Street Zen lowered shares of Heritage Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Piper Sandler lifted their price objective on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Zacks Research upgraded shares of Heritage Insurance from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Finally, Truist Financial increased their target price on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.50.

Insider Buying and Selling at Heritage Insurance

In related news, Director Paul L. Whiting purchased 16,000 shares of Heritage Insurance stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $23.56 per share, for a total transaction of $376,960.00. Following the transaction, the director directly owned 103,126 shares in the company, valued at approximately $2,429,648.56. This trade represents a 18.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Sharon Binnun sold 9,200 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total transaction of $276,276.00. Following the completion of the transaction, the chief accounting officer directly owned 96,388 shares in the company, valued at $2,894,531.64. This represents a 8.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 27,600 shares of company stock worth $744,924. Insiders own 9.20% of the company's stock.

Heritage Insurance Stock Down 1.5%

Heritage Insurance stock opened at $32.23 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $958.29 million, a PE ratio of 4.59 and a beta of 0.89. The business has a 50 day simple moving average of $26.51 and a 200-day simple moving average of $26.15. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $36.50.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.80. Heritage Insurance had a return on equity of 44.15% and a net margin of 25.19%.The firm had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. On average, analysts anticipate that Heritage Insurance Holdings, Inc. will post 4.75 EPS for the current fiscal year.

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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