Ieq Capital LLC Takes $494,000 Position in Heritage Insurance Holdings, Inc. $HRTG

Ieq Capital LLC purchased a new position in Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the 2nd quarter, HoldingsChannel reports. The firm purchased 18,939 shares of the insurance provider’s stock, valued at approximately $494,000.

Other large investors also recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in Heritage Insurance in the 3rd quarter valued at $25,000. Mcguire Capital Advisors Inc. bought a new position in shares of Heritage Insurance during the 4th quarter worth about $31,000. Royal Bank of Canada lifted its holdings in shares of Heritage Insurance by 72.6% during the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 497 shares during the period. Optiver Holding B.V. boosted its position in shares of Heritage Insurance by 510.0% during the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 1,173 shares in the last quarter. Finally, Harbour Investments Inc. bought a new stake in Heritage Insurance in the fourth quarter valued at about $50,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Heritage Insurance

In other news, insider Timothy Moura sold 15,104 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $32.49, for a total value of $490,728.96. Following the completion of the sale, the insider directly owned 144,941 shares in the company, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $30.03, for a total value of $276,276.00. Following the completion of the transaction, the chief accounting officer directly owned 96,388 shares of the company’s stock, valued at $2,894,531.64. This represents a 8.71% 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 have sold 71,204 shares of company stock valued at $2,215,483. 9.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Piper Sandler increased their target price on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings restated a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Finally, Truist Financial increased their price objective on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $36.50.

Heritage Insurance Price Performance

NYSE:HRTG opened at $33.92 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.01 billion, a PE ratio of 4.83 and a beta of 0.89. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $36.50. The company’s 50-day moving average price is $29.51 and its two-hundred day moving average price is $26.85.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The company had revenue of $214.19 million during the quarter, compared to analyst estimates of $212.71 million. On average, equities analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current fiscal year.

About Heritage Insurance

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.