Millennium Management LLC Reduces Stock Position in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Millennium Management LLC cut its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 37.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 230,975 shares of the insurance provider's stock after selling 139,757 shares during the period. Millennium Management LLC owned 0.75% of Heritage Insurance worth $2,795,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Heritage Insurance by 14.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,569,667 shares of the insurance provider's stock valued at $18,993,000 after purchasing an additional 193,590 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Heritage Insurance by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,328,135 shares of the insurance provider's stock worth $16,070,000 after acquiring an additional 9,452 shares in the last quarter. Invesco Ltd. boosted its holdings in Heritage Insurance by 24.0% in the fourth quarter. Invesco Ltd. now owns 944,639 shares of the insurance provider's stock worth $11,430,000 after acquiring an additional 182,624 shares in the last quarter. Pacific Ridge Capital Partners LLC grew its stake in shares of Heritage Insurance by 33.7% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 813,557 shares of the insurance provider's stock worth $9,844,000 after acquiring an additional 205,195 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Heritage Insurance during the fourth quarter valued at $7,799,000. 59.03% of the stock is owned by institutional investors.

Insider Activity

In other Heritage Insurance news, CFO Kirk Lusk purchased 6,000 shares of Heritage Insurance stock in a transaction dated Friday, March 14th. The shares were acquired at an average cost of $13.85 per share, with a total value of $83,100.00. Following the completion of the transaction, the chief financial officer now owns 618,756 shares in the company, valued at approximately $8,569,770.60. This trade represents a 0.98% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ernie J. Garateix bought 5,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was bought at an average price of $12.77 per share, with a total value of $63,850.00. Following the completion of the purchase, the chief executive officer now directly owns 1,270,808 shares in the company, valued at $16,228,218.16. This represents a 0.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 21,000 shares of company stock valued at $280,450. 15.20% of the stock is currently owned by company insiders.

Heritage Insurance Price Performance

Shares of Heritage Insurance stock traded down $0.33 during trading hours on Wednesday, hitting $24.29. The company's stock had a trading volume of 71,194 shares, compared to its average volume of 399,652. The company has a market cap of $752.67 million, a PE ratio of 9.74 and a beta of 0.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. The business has a 50 day moving average price of $20.10 and a two-hundred day moving average price of $14.83. Heritage Insurance Holdings, Inc. has a 12-month low of $6.14 and a 12-month high of $26.64.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.46 by $0.53. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. The business had revenue of $211.52 million for the quarter, compared to analysts' expectations of $213.68 million. Analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on HRTG shares. Truist Financial upped their target price on shares of Heritage Insurance from $20.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wall Street Zen upgraded Heritage Insurance from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Piper Sandler boosted their target price on Heritage Insurance from $19.00 to $28.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th.

About Heritage Insurance

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.