Connor Clark & Lunn Investment Management Ltd. Purchases 37,763 Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its shares in Heritage Insurance Holdings by 8.4%, now owning 485,631 shares valued at $7 million.
• Heritage Insurance reported $1.55 EPS for the last quarter, exceeding analysts' estimates of $1.03, with a net margin of 12.71% and a return on equity of 35.68%.
• Analysts have raised price targets for Heritage Insurance, with Truist Financial increasing it from $20.00 to $30.00, reflecting a generally positive outlook for the stock.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 8.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 485,631 shares of the insurance provider's stock after buying an additional 37,763 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.57% of Heritage Insurance worth $7,003,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in Heritage Insurance by 14.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider's stock valued at $18,993,000 after acquiring an additional 193,590 shares in the last quarter. Vanguard Group Inc. boosted its stake in Heritage Insurance by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 1,328,135 shares of the insurance provider's stock valued at $16,070,000 after purchasing an additional 9,452 shares in the last quarter. Invesco Ltd. boosted its stake in Heritage Insurance by 24.0% during the 4th quarter. Invesco Ltd. now owns 944,639 shares of the insurance provider's stock valued at $11,430,000 after purchasing an additional 182,624 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Heritage Insurance during the fourth quarter valued at about $7,799,000. Finally, AQR Capital Management LLC raised its position in Heritage Insurance by 49.6% during the fourth quarter. AQR Capital Management LLC now owns 468,860 shares of the insurance provider's stock valued at $5,673,000 after buying an additional 155,358 shares during the period. 59.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Paul L. Whiting bought 2,500 shares of Heritage Insurance stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $20.50 per share, with a total value of $51,250.00. Following the purchase, the director owned 87,126 shares in the company, valued at approximately $1,786,083. This trade represents a 2.95% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 15.20% of the company's stock.

Heritage Insurance Trading Up 1.8%

Heritage Insurance stock traded up $0.39 during mid-day trading on Thursday, hitting $22.47. The stock had a trading volume of 361,771 shares, compared to its average volume of 369,148. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $697.02 million, a PE ratio of 6.48 and a beta of 1.05. The stock has a 50-day simple moving average of $22.16 and a two-hundred day simple moving average of $18.51. Heritage Insurance Holdings, Inc. has a 12 month low of $8.70 and a 12 month high of $26.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $208.04 million for the quarter, compared to the consensus estimate of $212.12 million. As a group, sell-side analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on HRTG. Wall Street Zen downgraded Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Truist Financial raised their price target on shares of Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Piper Sandler raised their price target on shares of Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th.

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.