Invesco Ltd. Has $10.56 Million Stock Position in Heritage Insurance Holdings, Inc. $HRTG

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. lowered its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 22.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 732,339 shares of the insurance provider's stock after selling 212,300 shares during the period. Invesco Ltd. owned 2.36% of Heritage Insurance worth $10,560,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Heritage Insurance by 8,472.2% in the first quarter. GAMMA Investing LLC now owns 3,086 shares of the insurance provider's stock valued at $450,000 after purchasing an additional 3,050 shares in the last quarter. CWM LLC increased its holdings in shares of Heritage Insurance by 83.7% in the first quarter. CWM LLC now owns 9,951 shares of the insurance provider's stock valued at $143,000 after purchasing an additional 4,535 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Heritage Insurance in the first quarter valued at approximately $144,000. Triumph Capital Management acquired a new position in Heritage Insurance in the fourth quarter valued at approximately $121,000. Finally, Cantor Fitzgerald L. P. acquired a new position in Heritage Insurance in the fourth quarter valued at approximately $133,000. Institutional investors and hedge funds own 59.03% of the company's stock.

Heritage Insurance Trading Up 1.1%

NYSE HRTG traded up $0.24 during trading on Thursday, reaching $22.47. 261,350 shares of the stock traded hands, compared to its average volume of 364,518. The firm has a market cap of $696.82 million, a price-to-earnings ratio of 6.47 and a beta of 1.05. The stock's 50-day moving average price is $21.92 and its 200 day moving average price is $19.17. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.24. Heritage Insurance Holdings, Inc. has a fifty-two week low of $8.70 and a fifty-two week high of $26.64.

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

Analysts Set New Price Targets

HRTG has been the topic of several analyst reports. Wall Street Zen lowered shares of Heritage Insurance from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Truist Financial increased their price objective on shares of Heritage Insurance from $20.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Piper Sandler increased their price objective on shares of Heritage Insurance from $19.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Finally, Zacks Research upgraded shares of Heritage Insurance to a "strong-buy" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat, Heritage Insurance presently has a consensus rating of "Buy" and a consensus target price of $29.00.

Insider Transactions at Heritage Insurance

In other news, Director Paul L. Whiting acquired 2,500 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $20.50 per share, for a total transaction of $51,250.00. Following the completion of the acquisition, the director owned 87,126 shares in the company, valued at $1,786,083. This trade represents a 2.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 15.20% of the company's stock.

Heritage Insurance Company 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.