JPMorgan Chase & Co. Sells 75,514 Shares of Heritage Insurance Holdings, Inc. $HRTG

Key Points

• JPMorgan Chase & Co. cut its stake in Heritage Insurance by 53.6%, selling 75,514 shares and now holds 65,365 shares (~0.21%) valued at $1.646 million.
• Heritage beat quarterly expectations with EPS of $2.15 vs. $1.61 and revenue of $215.3M, posting a 23.08% net margin and 47.28% ROE; analysts have an average "Buy" rating and a $33.50 consensus target.
• Insiders have sold 121,718 shares in the past 90 days (including recent sales by Timothy Moura and CAO Sharon Binnun), and company insiders now own 15.20% of the stock.

JPMorgan Chase & Co. lowered its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 53.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 65,365 shares of the insurance provider's stock after selling 75,514 shares during the period. JPMorgan Chase & Co. owned about 0.21% of Heritage Insurance worth $1,646,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of HRTG. Assenagon Asset Management S.A. boosted its holdings in shares of Heritage Insurance by 223.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider's stock valued at $11,635,000 after purchasing an additional 319,434 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Heritage Insurance by 8.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,646,731 shares of the insurance provider's stock valued at $41,465,000 after purchasing an additional 132,271 shares during the last quarter. Pacific Ridge Capital Partners LLC boosted its holdings in shares of Heritage Insurance by 27.2% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider's stock valued at $11,556,000 after purchasing an additional 98,246 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Heritage Insurance by 39.8% during the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock valued at $4,657,000 after purchasing an additional 91,982 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Heritage Insurance by 11.5% during the 3rd quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider's stock valued at $22,371,000 after purchasing an additional 91,847 shares during the last quarter. Hedge funds and other institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Up 0.2%

Shares of NYSE HRTG opened at $26.61 on Thursday. The firm's 50-day moving average price is $26.43 and its 200-day moving average price is $26.67. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $817.58 million, a price-to-earnings ratio of 4.21 and a beta of 0.95. Heritage Insurance Holdings, Inc. has a 12-month low of $14.22 and a 12-month high of $31.98.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its earnings results on Monday, March 9th. The insurance provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.54. The firm had revenue of $215.32 million for the quarter, compared to analysts' expectations of $212.60 million. Heritage Insurance had a net margin of 23.08% and a return on equity of 47.28%. On average, equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Timothy Moura sold 24,769 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $25.76, for a total value of $638,049.44. Following the sale, the insider directly owned 160,045 shares of the company's stock, valued at $4,122,759.20. This represents a 13.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $25.72, for a total transaction of $236,624.00. Following the completion of the sale, the chief accounting officer directly owned 133,188 shares in the company, valued at $3,425,595.36. This trade represents a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 121,718 shares of company stock valued at $3,167,147 in the last ninety days. 15.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on HRTG shares. Weiss Ratings reissued a "buy (b)" rating on shares of Heritage Insurance in a report on Friday, March 27th. Zacks Research raised shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 11th. Citigroup reissued a "market perform" rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Finally, Truist Financial increased their price objective on shares of Heritage Insurance from $37.00 to $39.00 and gave the company a "buy" rating in a report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Heritage Insurance presently has an average rating of "Buy" and a consensus price target of $33.50.

About Heritage Insurance

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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