Pacific Ridge Capital Partners LLC Sells 37,462 Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Key Points

• Pacific Ridge Capital Partners LLC has decreased its stake in Heritage Insurance Holdings by 4.6%, holding 776,095 shares, which accounts for 2.9% of its investment portfolio.
• Several large investors, including Wells Fargo and Stifel Financial, have increased their stakes in Heritage Insurance, indicating growing interest in the stock among institutional investors.
• Heritage Insurance reported an earnings per share (EPS) of $0.99 for the recent quarter, significantly exceeding analysts' expectations of $0.46.

Pacific Ridge Capital Partners LLC cut its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 4.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 776,095 shares of the insurance provider's stock after selling 37,462 shares during the period. Heritage Insurance accounts for about 2.9% of Pacific Ridge Capital Partners LLC's portfolio, making the stock its 2nd largest position. Pacific Ridge Capital Partners LLC owned about 2.50% of Heritage Insurance worth $11,191,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. Triumph Capital Management purchased a new position in shares of Heritage Insurance during the 4th quarter valued at approximately $121,000. Cantor Fitzgerald L. P. purchased a new stake in Heritage Insurance in the 4th quarter worth $133,000. CWM LLC increased its holdings in Heritage Insurance by 83.7% in the 1st quarter. CWM LLC now owns 9,951 shares of the insurance provider's stock worth $143,000 after acquiring an additional 4,535 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Heritage Insurance in the 4th quarter worth $150,000. Finally, Brandywine Global Investment Management LLC increased its holdings in Heritage Insurance by 21.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider's stock worth $150,000 after acquiring an additional 2,210 shares in the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Piper Sandler boosted their price target on shares of Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Wall Street Zen raised shares of Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Truist Financial upped their target price on shares of Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, May 8th.

Insider Buying and Selling

In other Heritage Insurance news, Director Panagiotis Apostolou sold 25,000 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $25.40, for a total value of $635,000.00. Following the transaction, the director owned 164,719 shares of the company's stock, valued at $4,183,862.60. This represents a 13.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 14.00% of the stock is owned by insiders.

Heritage Insurance Price Performance

Shares of Heritage Insurance stock traded down $0.11 during trading hours on Friday, reaching $20.98. 301,785 shares of the company's stock were exchanged, compared to its average volume of 340,971. Heritage Insurance Holdings, Inc. has a 1 year low of $6.81 and a 1 year high of $26.64. The company has a market capitalization of $650.17 million, a P/E ratio of 8.29 and a beta of 1.05. The business has a fifty day moving average of $22.70 and a two-hundred day moving average of $17.93. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.29.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.53. Heritage Insurance had a net margin of 9.29% and a return on equity of 26.95%. The firm had revenue of $211.52 million during the quarter, compared to analyst estimates of $213.68 million. As a group, research analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

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.