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

Several other institutional investors and hedge funds have also recently modified their holdings of HRTG. Triumph Capital Management bought a new stake in shares of Heritage Insurance during the fourth quarter valued at approximately $121,000. Cantor Fitzgerald L. P. bought a new stake in shares of Heritage Insurance during the fourth quarter valued at approximately $133,000. CWM LLC raised its position in shares of Heritage Insurance by 83.7% during the first quarter. CWM LLC now owns 9,951 shares of the insurance provider's stock valued at $143,000 after buying an additional 4,535 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Heritage Insurance during the first quarter valued at approximately $144,000. Finally, Aquatic Capital Management LLC bought a new stake in Heritage Insurance in the fourth quarter worth $150,000. Institutional investors own 59.03% of the company's stock.

Insider Activity

In related news, Director Paul L. Whiting bought 2,500 shares of the stock in a transaction dated 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 completion of the purchase, the director owned 87,126 shares of the company's stock, valued at $1,786,083. This trade represents a 2.95% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 15.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of Heritage Insurance to a "strong-buy" rating in a research report on Monday, August 11th. Truist Financial boosted their price target on shares of Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. 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 research report on Thursday, May 8th. Finally, Wall Street Zen cut shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th.

Heritage Insurance Trading Down 4.5%

NYSE HRTG traded down $1.02 on Friday, hitting $21.43. 499,759 shares of the stock were exchanged, compared to its average volume of 471,893. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 0.82. The stock has a fifty day moving average price of $22.09 and a two-hundred day moving average price of $18.57. The firm has a market capitalization of $664.72 million, a P/E ratio of 6.18 and a beta of 1.05. Heritage Insurance Holdings, Inc. has a 52-week low of $8.70 and a 52-week high of $26.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, topping the consensus estimate of $1.03 by $0.52. The company had revenue of $208.04 million during the quarter, compared to analyst estimates of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. Research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS 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.