Inspire Investing LLC Makes New Investment in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Inspire Investing bought 70,152 Heritage Insurance shares worth approximately $2.3 million, while institutional investors collectively own 59.03% of the company.
• Heritage reported quarterly EPS of $2.05, beating estimates by $0.80, on revenue of $214.19 million; analysts expect full-year EPS of $5.33.
• HRTG shares opened at $36.80, near their 12-month high of $37.87. Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and a $36.50 price target, although insiders sold shares during the quarter.

Inspire Investing LLC purchased a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 70,152 shares of the insurance provider's stock, valued at approximately $2,326,000. Inspire Investing LLC owned 0.24% of Heritage Insurance as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Heritage Insurance in the second quarter valued at about $60,842,000. Dimensional Fund Advisors LP grew its position in Heritage Insurance by 3.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider's stock worth $32,732,000 after buying an additional 36,879 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Heritage Insurance during the second quarter worth about $14,437,000. Assenagon Asset Management S.A. grew its position in Heritage Insurance by 7.4% during the third quarter. Assenagon Asset Management S.A. now owns 282,917 shares of the insurance provider's stock worth $9,379,000 after buying an additional 19,596 shares during the period. Finally, Bank of America Corp DE purchased a new position in Heritage Insurance in the second quarter valued at about $6,070,000. Hedge funds and other institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Down 0.1%

Shares of NYSE HRTG opened at $36.80 on Monday. Heritage Insurance Holdings, Inc. has a 12-month low of $20.48 and a 12-month high of $37.87. The company has a market capitalization of $1.09 billion, a PE ratio of 5.24 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83. The firm's 50-day moving average is $34.57 and its two-hundred day moving average is $29.19.

Heritage Insurance (NYSE:HRTG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The business had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. Equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Heritage Insurance news, insider Timothy Johns sold 3,500 shares of the stock in a transaction on Monday, October 19th. The stock was sold at an average price of $35.91, for a total transaction of $125,685.00. Following the sale, the insider owned 18,438 shares in the company, valued at approximately $662,108.58. This represents a 15.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 2,500 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $35.25, for a total value of $88,125.00. Following the sale, the chief executive officer owned 1,035,955 shares in the company, valued at approximately $36,517,413.75. This trade represents a 0.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,569 shares of company stock worth $2,703,920 in the last quarter. Corporate insiders own 9.20% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Piper Sandler lifted their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Raymond James Financial assumed coverage on Heritage Insurance in a research note on Friday, October 16th. They set a "market perform" rating on the stock. Zacks Research cut Heritage Insurance from a "strong-buy" rating to a "hold" rating in a report on Friday, October 9th. Wall Street Zen upgraded Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 17th. Finally, Weiss Ratings raised Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, September 8th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.50.

Heritage Insurance Profile

Heritage Insurance Holdings, Inc NYSE: HRTG is a property and casualty insurance company focused primarily on residential insurance. Through its insurance subsidiaries, the company provides coverage for homeowners, condominium owners, renters and other residential property owners, including protection against risks such as wind, fire and other covered losses.

Heritage distributes its products through independent agents and other insurance distribution channels. Its business has historically been concentrated in catastrophe-exposed coastal markets, particularly Florida, and has also included operations in additional states across the southeastern United States.

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