Heritage Insurance Holdings, Inc. $HRTG Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its holdings in Heritage Insurance Holdings by 22.5% in the first quarter, now owning approximately 2.36% of the company with a value of $10.56 million after selling 212,300 shares.
• Several large investors have also adjusted their positions, with notable increases in holdings by Dimensional Fund Advisors (14.1% growth) and AQR Capital Management (49.6% growth) during the fourth quarter.
• Heritage Insurance recently reported earnings of $1.55 per share, exceeding expectations, and has seen its stock rated as "overweight" and "strong-buy" by various analysts with target prices ranging from $20.00 to $30.00.

Invesco Ltd. reduced its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 22.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 732,339 shares of the insurance provider's stock after selling 212,300 shares during the period. Invesco Ltd. owned approximately 2.36% of Heritage Insurance worth $10,560,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arkadios Wealth Advisors acquired a new stake in Heritage Insurance during the 1st quarter worth about $1,727,000. Ameriprise Financial Inc. increased its holdings in Heritage Insurance by 46.1% in the fourth quarter. Ameriprise Financial Inc. now owns 384,948 shares of the insurance provider's stock valued at $4,658,000 after buying an additional 121,518 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Heritage Insurance by 8.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 485,631 shares of the insurance provider's stock valued at $7,003,000 after buying an additional 37,763 shares in the last quarter. Man Group plc purchased a new position in Heritage Insurance in the fourth quarter valued at $662,000. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of Heritage Insurance during the first quarter worth about $228,000. 59.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HRTG has been the subject of several research reports. Truist Financial upped their price objective on shares of Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Piper Sandler increased their price target on shares of Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. 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. Finally, Zacks Research raised shares of Heritage Insurance to a "strong-buy" rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $29.00.

Heritage Insurance Stock Performance

Shares of NYSE:HRTG traded up $0.29 during midday trading on Friday, hitting $22.76. The stock had a trading volume of 480,604 shares, compared to its average volume of 473,205. The company has a market capitalization of $705.95 million, a PE ratio of 6.56 and a beta of 1.05. The stock has a 50 day moving average price of $21.93 and a two-hundred day moving average price of $19.38. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.24. Heritage Insurance Holdings, Inc. has a 1 year low of $8.70 and a 1 year high of $26.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The insurance provider reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.52. The business had revenue of $208.04 million for the quarter, compared to the consensus estimate of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. As a group, equities analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Heritage Insurance

In other news, Director Paul L. Whiting bought 2,500 shares of the stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $20.50 per share, with a total value of $51,250.00. Following the completion of the acquisition, the director directly owned 87,126 shares in the company, valued at approximately $1,786,083. The trade was a 2.95% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.20% of the stock is currently owned by insiders.

Heritage Insurance Profile

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.