PEAK6 LLC Takes $843,000 Position in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• PEAK6 LLC initiated an $843,000 position in Heritage Insurance, purchasing 32,342 shares, while institutional ownership reached 59.03%.
• Heritage insiders sold 61,204 shares worth approximately $1.87 million over the past 90 days, including sales by Timothy Moura and Timothy E. Johns.
• Analysts remain broadly positive, with an average “Buy” rating and a $36.50 consensus price target. Heritage also reported quarterly EPS of $2.05, surpassing the $1.25 estimate.

PEAK6 LLC bought a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 32,342 shares of the insurance provider's stock, valued at approximately $843,000. PEAK6 LLC owned about 0.11% of Heritage Insurance as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of HRTG. Pinnacle Holdings LLC acquired a new position in Heritage Insurance during the 2nd quarter worth $48,000. Ieq Capital LLC acquired a new stake in Heritage Insurance during the 2nd quarter worth $494,000. Vise Technologies Inc. acquired a new stake in shares of Heritage Insurance during the second quarter worth $247,000. Quartz Partners LLC bought a new position in Heritage Insurance during the second quarter worth about $4,924,000. Finally, Meeder Asset Management Inc. bought a new position in Heritage Insurance during the 2nd quarter worth approximately $92,000. 59.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Timothy Moura sold 15,104 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $32.49, for a total transaction of $490,728.96. Following the transaction, the insider directly owned 144,941 shares of the company's stock, valued at approximately $4,709,133.09. The trade was a 9.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Timothy E. Johns sold 3,500 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.68, for a total value of $117,880.00. Following the completion of the sale, the insider owned 25,438 shares in the company, valued at approximately $856,751.84. This trade represents a 12.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 61,204 shares of company stock valued at $1,866,683. Insiders own 9.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price objective on Heritage Insurance from $27.00 to $31.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Heritage Insurance in a research note on Friday, August 7th. Zacks Research raised shares of Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, Truist Financial lifted their target price on Heritage Insurance from $36.00 to $42.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Heritage Insurance presently has an average rating of "Buy" and a consensus target price of $36.50.

Heritage Insurance Price Performance

Shares of HRTG opened at $33.92 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. The company's fifty day simple moving average is $28.39 and its 200 day simple moving average is $26.58. Heritage Insurance Holdings, Inc. has a 1-year low of $20.48 and a 1-year high of $36.50. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 4.83 and a beta of 0.89.

Heritage Insurance (NYSE:HRTG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.80. The firm had revenue of $214.19 million during the quarter, compared to analysts' expectations of $212.71 million. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. On average, research analysts forecast that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding HRTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source