Man Group plc Acquires New Holdings in Heritage Insurance Holdings, Inc. $HRTG

Man Group plc bought a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 23,604 shares of the insurance provider’s stock, valued at approximately $616,000.

Several other institutional investors also recently modified their holdings of HRTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Heritage Insurance by 4.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,621 shares of the insurance provider’s stock valued at $196,000 after acquiring an additional 546 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 worth $4,657,000 after purchasing an additional 91,982 shares in the last quarter. Empowered Funds LLC increased its holdings in Heritage Insurance by 8.4% in the 1st quarter. Empowered Funds LLC now owns 124,859 shares of the insurance provider’s stock worth $1,800,000 after purchasing an additional 9,728 shares in the last quarter. Strs Ohio bought a new position in Heritage Insurance in the first quarter valued at about $127,000. Finally, JPMorgan Chase & Co. raised its position in Heritage Insurance by 1,078.7% in the second quarter. JPMorgan Chase & Co. now owns 140,879 shares of the insurance provider’s stock valued at $3,514,000 after purchasing an additional 128,927 shares during the last quarter. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HRTG has been the topic of several research reports. Piper Sandler boosted their price target on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of Heritage Insurance in a report on Friday, August 7th. Wall Street Zen upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Truist Financial lifted their price target on shares of Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Heritage Insurance currently has an average rating of “Buy” and an average target price of $36.50.

Heritage Insurance Price Performance

Heritage Insurance stock opened at $34.92 on Friday. The stock’s 50 day moving average is $30.27 and its 200 day moving average is $27.12. Heritage Insurance Holdings, Inc. has a one year low of $20.48 and a one year high of $36.50. The firm has a market cap of $1.04 billion, a P/E ratio of 4.97 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83.

Heritage Insurance (NYSE:HRTG) last released its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The business had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. As a group, research analysts expect that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current year.

Insider Buying and Selling

In related news, CFO Kirk Lusk sold 10,000 shares of Heritage Insurance stock in a transaction on Monday, August 17th. The shares were sold at an average price of $34.16, for a total transaction of $341,600.00. Following the completion of the transaction, the chief financial officer owned 492,522 shares of the company’s stock, valued at $16,824,551.52. This trade represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Timothy E. Johns sold 3,500 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.68, for a total transaction of $117,880.00. Following the completion of the transaction, the insider owned 25,438 shares in the company, valued at approximately $856,751.84. The trade was 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. In the last 90 days, insiders sold 80,404 shares of company stock worth $2,527,455. Corporate 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.