Pacific Ridge Capital Partners LLC Sells 86,976 Shares of Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Pacific Ridge Capital Partners cut its Heritage Insurance stake by 19% in the fourth quarter, selling 86,976 shares and leaving it with 371,953 shares worth about $10.9 million.
• Heritage Insurance shares were down 1.3% to $22.11, and the stock has a relatively low P/E ratio of 3.39 with a market value of about $671 million.
• The company recently missed earnings expectations, reporting $1.19 EPS versus the $1.53 consensus estimate, while analysts currently maintain a Buy consensus target price of $36.

Pacific Ridge Capital Partners LLC trimmed its position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 19.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 371,953 shares of the insurance provider's stock after selling 86,976 shares during the period. Heritage Insurance accounts for approximately 2.4% of Pacific Ridge Capital Partners LLC's holdings, making the stock its 3rd biggest position. Pacific Ridge Capital Partners LLC owned approximately 1.20% of Heritage Insurance worth $10,883,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in HRTG. Advisory Services Network LLC bought a new stake in Heritage Insurance during the 3rd quarter valued at $25,000. State of Alaska Department of Revenue acquired a new position in Heritage Insurance during the 3rd quarter valued at about $36,000. BNP Paribas Financial Markets lifted its stake in shares of Heritage Insurance by 77.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider's stock worth $76,000 after acquiring an additional 1,323 shares during the period. Triumph Capital Management acquired a new stake in Heritage Insurance in the third quarter worth approximately $88,000. Finally, Strs Ohio bought a new position in Heritage Insurance during the first quarter valued at about $127,000. Institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Down 1.3%

Heritage Insurance stock opened at $22.11 on Tuesday. 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 company has a market capitalization of $671.16 million, a P/E ratio of 3.39 and a beta of 1.03. Heritage Insurance Holdings, Inc. has a 1-year low of $16.83 and a 1-year high of $31.98. The firm's fifty day simple moving average is $27.16 and its 200-day simple moving average is $27.05.

Heritage Insurance (NYSE:HRTG - Get Free Report) last posted its earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.53 by ($0.34). Heritage Insurance had a net margin of 23.76% and a return on equity of 45.62%. The firm had revenue of $212.66 million during the quarter, compared to analyst estimates of $215.39 million. Sell-side analysts forecast that Heritage Insurance Holdings, Inc. will post 4.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on HRTG shares. Citigroup restated a "market perform" rating on shares of Heritage Insurance in a research report on Tuesday, March 10th. Wall Street Zen cut Heritage Insurance from a "buy" rating to a "hold" rating in a research note on Saturday. Zacks Research upgraded shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 11th. Weiss Ratings restated a "buy (b)" rating on shares of Heritage Insurance in a research report on Friday, March 27th. Finally, Truist Financial cut their target price on shares of Heritage Insurance from $39.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $36.00.

Insider Activity at Heritage Insurance

In other Heritage Insurance news, insider Timothy Moura sold 24,769 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $25.76, for a total value of $638,049.44. Following the sale, the insider owned 160,045 shares of the company's stock, valued at $4,122,759.20. This trade represents a 13.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sharon Binnun sold 9,200 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $28.99, for a total value of $266,708.00. Following the transaction, the chief accounting officer owned 123,988 shares of the company's stock, valued at approximately $3,594,412.12. This trade represents a 6.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 130,918 shares of company stock worth $3,446,606 in the last 90 days. 14.00% of the stock is owned by company insiders.

Heritage Insurance Company Profile

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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