Scotia Capital Inc. Takes Position in Heritage Insurance Holdings, Inc. $HRTG

Scotia Capital Inc. acquired a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 26,738 shares of the insurance provider’s stock, valued at approximately $667,000. Scotia Capital Inc. owned about 0.09% of Heritage Insurance at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in Heritage Insurance in the 2nd quarter valued at about $331,000. Russell Investments Group Ltd. raised its position in shares of Heritage Insurance by 829.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 125,828 shares of the insurance provider’s stock valued at $3,138,000 after buying an additional 112,288 shares during the period. XTX Topco Ltd lifted its holdings in Heritage Insurance by 8.4% in the second quarter. XTX Topco Ltd now owns 29,145 shares of the insurance provider’s stock valued at $727,000 after acquiring an additional 2,268 shares during the last quarter. CreativeOne Wealth LLC purchased a new position in Heritage Insurance in the second quarter worth approximately $286,000. Finally, Prudential Financial Inc. grew its position in Heritage Insurance by 290.8% in the second quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider’s stock worth $9,567,000 after acquiring an additional 285,425 shares during the period. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Price Performance

HRTG opened at $28.26 on Wednesday. The stock’s 50-day moving average price is $26.07 and its 200 day moving average price is $24.02. Heritage Insurance Holdings, Inc. has a 12-month low of $9.89 and a 12-month high of $31.98. The firm has a market cap of $873.36 million, a price-to-earnings ratio of 5.85 and a beta of 0.96. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.18.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $1.10. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. The company had revenue of $212.46 million for the quarter, compared to analyst estimates of $210.12 million. As a group, sell-side analysts expect that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on HRTG shares. Wall Street Zen lowered Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Truist Financial boosted their price objective on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a report on Friday, November 7th. Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings raised shares of Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat.com, Heritage Insurance has a consensus rating of “Buy” and an average price target of $32.50.

Insider Buying and Selling at Heritage Insurance

In other news, CEO Ernie J. Garateix sold 25,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $24.61, for a total transaction of $615,250.00. Following the sale, the chief executive officer owned 1,245,808 shares of the company’s stock, valued at approximately $30,659,334.88. This represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirk Lusk sold 20,000 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $24.17, for a total value of $483,400.00. Following the completion of the sale, the chief financial officer owned 598,756 shares in the company, valued at approximately $14,471,932.52. The trade was a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 396,002 shares of company stock worth $10,284,609. 14.00% of the stock is currently owned by corporate insiders.

Heritage Insurance Company Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.