Inspire Investing LLC Buys Shares of 58,915 Heritage Insurance Holdings, Inc. $HRTG

Inspire Investing LLC purchased a new stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 58,915 shares of the insurance provider’s stock, valued at approximately $1,547,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Heritage Insurance by 14.2% in the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after acquiring an additional 234,296 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Heritage Insurance by 1,078.7% during 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. Nuveen LLC increased its holdings in Heritage Insurance by 181.7% in the 4th quarter. Nuveen LLC now owns 169,454 shares of the insurance provider’s stock valued at $4,958,000 after purchasing an additional 109,307 shares during the last quarter. Millennium Management LLC increased its holdings in Heritage Insurance by 39.8% in the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock valued at $4,657,000 after purchasing an additional 91,982 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Heritage Insurance by 11.5% in the third quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider’s stock valued at $22,371,000 after purchasing an additional 91,847 shares during the period. Institutional investors and hedge funds own 59.03% of the company’s stock.

Wall Street Analysts Forecast Growth

HRTG has been the topic of several research analyst reports. Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “strong sell” rating in a report on Monday, May 11th. Truist Financial cut their price target 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, May 11th. Weiss Ratings cut shares of Heritage Insurance from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Wall Street Zen lowered shares of Heritage Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Citigroup restated a “market perform” rating on shares of Heritage Insurance in a report on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Heritage Insurance presently has a consensus rating of “Hold” and an average price target of $36.00.

Heritage Insurance Price Performance

Shares of NYSE HRTG opened at $26.78 on Thursday. The stock has a fifty day moving average price of $24.34 and a 200 day moving average price of $26.00. Heritage Insurance Holdings, Inc. has a 1-year low of $16.83 and a 1-year high of $31.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $812.83 million, a PE ratio of 4.11 and a beta of 0.88.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Thursday, May 7th. The insurance provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.34). Heritage Insurance had a net margin of 23.76% and a return on equity of 43.68%. The business 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 4.33 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Sharon Binnun sold 9,200 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $24.36, for a total value of $224,112.00. Following the sale, the chief accounting officer directly owned 114,788 shares in the company, valued at $2,796,235.68. This represents a 7.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 8,334 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $27.56, for a total value of $229,685.04. Following the sale, the chief executive officer owned 1,060,955 shares in the company, valued at approximately $29,239,919.80. This trade represents a 0.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 26,734 shares of company stock worth $720,505. Insiders own 9.20% of the company’s stock.

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.