Inspire Investing LLC Acquires New Position in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Inspire Investing LLC opened a new position in Heritage Insurance Holdings, buying 58,915 shares worth about $1.55 million in the first quarter.
• Heritage Insurance’s latest results were mixed: it reported $1.19 EPS, missing estimates, while revenue also came in slightly below expectations at $212.66 million.
• Recent trading activity showed both insider buying and selling, with Director Paul L. Whiting buying 16,000 shares and CEO Ernie J. Garateix selling 8,334 shares under a pre-arranged trading plan.

Inspire Investing LLC bought a new position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 58,915 shares of the insurance provider's stock, valued at approximately $1,547,000. Inspire Investing LLC owned approximately 0.19% of Heritage Insurance as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Heritage Insurance by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider's stock worth $196,000 after purchasing an additional 546 shares during the last quarter. Millennium Management LLC raised its position in Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock worth $4,657,000 after buying an additional 91,982 shares during the last quarter. Empowered Funds LLC lifted its stake in Heritage Insurance by 8.4% during the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider's stock valued at $1,800,000 after acquiring an additional 9,728 shares during the period. Strs Ohio purchased a new stake in shares of Heritage Insurance in the 1st quarter valued at $127,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock valued at $3,514,000 after acquiring an additional 128,927 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Performance

Shares of NYSE:HRTG opened at $26.78 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. Heritage Insurance Holdings, Inc. has a 1 year low of $16.83 and a 1 year high of $31.98. The firm has a market capitalization of $812.83 million, a PE ratio of 4.11 and a beta of 0.88. The business's 50 day moving average price is $24.34 and its 200-day moving average price is $26.00.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34). Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. The firm had revenue of $212.66 million during the quarter, compared to analyst estimates of $215.39 million. As a group, equities research analysts expect that Heritage Insurance Holdings, Inc. will post 4.33 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Paul L. Whiting purchased 16,000 shares of the business's stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $23.56 per share, with a total value of $376,960.00. Following the completion of the acquisition, the director owned 103,126 shares in the company, valued at $2,429,648.56. This trade represents a 18.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ernie J. Garateix sold 8,334 shares of the firm's stock in a transaction on Monday, April 20th. The stock was sold at an average price of $27.56, for a total value of $229,685.04. Following the completion of the sale, the chief executive officer directly owned 1,060,955 shares of the company's stock, valued at $29,239,919.80. This trade represents a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 26,734 shares of company stock worth $720,505 over the last three months. Insiders own 9.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on HRTG shares. Wall Street Zen cut shares of Heritage Insurance from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Truist Financial lowered their price target on shares of Heritage Insurance from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Weiss Ratings lowered Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Zacks Research cut Heritage Insurance from a "strong-buy" rating to a "strong sell" rating in a report on Monday, May 11th. Finally, Citigroup restated a "market perform" rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $36.00.

Heritage Insurance Company Profile

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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