Vanguard Group Inc. Increases Stock Holdings in Heritage Insurance Holdings, Inc. $HRTG

Key Points

• Vanguard Group increased its stake in Heritage Insurance Holdings by 14.2% in the fourth quarter, owning 1.88 million shares valued at about $55.0 million and representing roughly 6.09% of the company.
• Several other institutional investors also boosted their positions, and hedge funds/institutions now own 59.03% of Heritage Insurance’s stock.
• Analysts are mixed on HRTG after the latest results: the consensus rating is Hold with an average price target of $36, while the company recently reported Q1 EPS of $1.19, missing expectations of $1.53.

Vanguard Group Inc. lifted its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,881,027 shares of the insurance provider's stock after purchasing an additional 234,296 shares during the quarter. Vanguard Group Inc. owned about 6.09% of Heritage Insurance worth $55,039,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HRTG. JPMorgan Chase & Co. boosted its holdings in shares of Heritage Insurance by 1,078.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider's stock worth $3,514,000 after purchasing an additional 128,927 shares during the period. Pacific Ridge Capital Partners LLC boosted its holdings in shares of Heritage Insurance by 27.2% in the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider's stock worth $11,556,000 after purchasing an additional 98,246 shares during the period. Millennium Management LLC boosted its holdings in shares of Heritage Insurance by 39.8% in the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider's stock worth $4,657,000 after purchasing an additional 91,982 shares during the period. American Century Companies Inc. boosted its holdings in shares of Heritage Insurance by 11.5% in the 3rd quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider's stock worth $22,371,000 after purchasing an additional 91,847 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Heritage Insurance by 8.7% in the 3rd quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider's stock worth $25,793,000 after purchasing an additional 82,190 shares during the period. Hedge funds and other institutional investors own 59.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on HRTG. Zacks Research cut Heritage Insurance from a "strong-buy" rating to a "strong sell" rating in a report on Monday, May 11th. Truist Financial cut their price objective on Heritage Insurance from $39.00 to $36.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Citigroup reiterated a "market perform" rating on shares of Heritage Insurance in a research note on Tuesday, March 10th. Wall Street Zen downgraded Heritage Insurance from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings downgraded Heritage Insurance from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $36.00.

Heritage Insurance Price Performance

Shares of HRTG stock opened at $23.46 on Friday. Heritage Insurance Holdings, Inc. has a twelve month low of $16.83 and a twelve month high of $31.98. The stock has a market capitalization of $711.92 million, a price-to-earnings ratio of 3.60 and a beta of 1.03. The stock has a fifty day simple moving average of $26.73 and a two-hundred day simple moving average of $26.99. The company has a current ratio of 0.80, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its earnings results on Thursday, May 7th. The insurance provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.34). Heritage Insurance had a return on equity of 43.68% and a net margin of 23.76%.The firm had revenue of $212.66 million during the quarter, compared to analysts' expectations of $215.39 million. On average, analysts predict that Heritage Insurance Holdings, Inc. will post 4.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Heritage Insurance news, CAO Sharon Binnun sold 9,200 shares of the company's stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 123,988 shares in the company, valued at approximately $3,594,412.12. This represents a 6.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 24,769 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 160,045 shares of the company's stock, valued at $4,122,759.20. This represents a 13.40% 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. In the last ninety days, insiders sold 130,918 shares of company stock worth $3,446,606. 15.20% of the stock is currently owned by company insiders.

Heritage Insurance 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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