Squarepoint Ops LLC Reduces Position in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Squarepoint Ops LLC cut its Heritage Insurance stake by 85.8% in the second quarter, leaving it with 11,202 shares valued at approximately $292,000. Institutional investors collectively own 59.03% of HRTG.
• Heritage Insurance reported quarterly EPS of $2.05, beating estimates of $1.25, while revenue reached $214.19 million. The company posted a 42.41% return on equity and a 25.19% net margin.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $36.50; Truist recently raised its target to $42.00. However, insiders sold 86,269 shares worth about $2.82 million over the past 90 days.

Squarepoint Ops LLC trimmed its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 85.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,202 shares of the insurance provider's stock after selling 67,425 shares during the period. Squarepoint Ops LLC's holdings in Heritage Insurance were worth $292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optiver Holding B.V. boosted its position in Heritage Insurance by 510.0% in the first quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider's stock valued at $37,000 after buying an additional 1,173 shares during the last quarter. Harbour Investments Inc. acquired a new position in Heritage Insurance in the 4th quarter worth about $50,000. Pinnacle Holdings LLC purchased a new position in shares of Heritage Insurance during the 2nd quarter valued at approximately $48,000. Caitong International Asset Management Co. Ltd lifted its holdings in Heritage Insurance by 3,774.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,906 shares of the insurance provider's stock valued at $85,000 after purchasing an additional 2,831 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Heritage Insurance in the second quarter valued at about $92,000. Hedge funds and other institutional investors own 59.03% of the company's stock.

Heritage Insurance Price Performance

HRTG opened at $33.05 on Thursday. The stock's 50-day moving average price is $32.31 and its 200 day moving average price is $27.91. Heritage Insurance Holdings, Inc. has a 12-month low of $20.48 and a 12-month high of $36.50. 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 firm has a market cap of $982.55 million, a price-to-earnings ratio of 4.71 and a beta of 0.92.

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

Analysts Set New Price Targets

HRTG has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Piper Sandler boosted their price target on shares of Heritage Insurance from $27.00 to $31.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of Heritage Insurance from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, September 8th. Finally, Zacks Research upgraded Heritage Insurance from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. One investment 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 company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $36.50.

Insiders Place Their Bets

In other news, CAO Sharon Binnun sold 6,565 shares of the company's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $33.81, for a total transaction of $221,962.65. Following the completion of the sale, the chief accounting officer owned 80,623 shares in the company, valued at $2,725,863.63. This represents a 7.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy Moura sold 15,104 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $32.49, for a total transaction of $490,728.96. Following the completion of the sale, the insider 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 86,269 shares of company stock valued at $2,822,771. 9.20% of the stock is owned by insiders.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc is a property and casualty insurance company that provides residential property coverage through its insurance subsidiaries. Its products primarily include homeowners insurance and related coverage for personal and commercial residential properties, including protection against risks such as wind, fire and other property damage.

The company focuses on serving customers in catastrophe-exposed coastal markets, particularly in the Southeastern United States.

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