Arrowstreet Capital Limited Partnership Buys 216,019 Shares of Heritage Insurance Holdings, Inc. $HRTG

Arrowstreet Capital Limited Partnership boosted its position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 69.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 526,377 shares of the insurance provider’s stock after buying an additional 216,019 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Heritage Insurance were worth $13,128,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. New York State Common Retirement Fund increased its stake in shares of Heritage Insurance by 127.6% in the 2nd quarter. New York State Common Retirement Fund now owns 6,600 shares of the insurance provider’s stock valued at $165,000 after buying an additional 3,700 shares during the period. Scotia Capital Inc. acquired a new stake in Heritage Insurance in the second quarter worth about $667,000. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in Heritage Insurance during the 2nd quarter worth about $331,000. Russell Investments Group Ltd. lifted its position in 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 purchasing an additional 112,288 shares during the period. Finally, XTX Topco Ltd boosted its stake in shares of Heritage Insurance by 8.4% in the 2nd quarter. XTX Topco Ltd now owns 29,145 shares of the insurance provider’s stock valued at $727,000 after purchasing an additional 2,268 shares during the last quarter. 59.03% of the stock is currently owned by institutional investors.

Heritage Insurance Trading Up 3.0%

HRTG opened at $27.53 on Tuesday. The firm’s fifty day moving average is $26.33 and its two-hundred day moving average is $24.12. The firm has a market cap of $851.05 million, a PE ratio of 5.70 and a beta of 0.96. Heritage Insurance Holdings, Inc. has a twelve month low of $9.89 and a twelve month high of $31.98. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.82 and a current ratio of 0.82.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Wednesday, November 5th. The insurance provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $1.10. The business had revenue of $212.46 million during the quarter, compared to analysts’ expectations of $210.12 million. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. Equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Insider Transactions at Heritage Insurance

In related news, Chairman Richard A. Widdicombe sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $29.40, for a total transaction of $1,470,000.00. Following the completion of the sale, the chairman directly owned 449,047 shares of the company’s stock, valued at approximately $13,201,981.80. This represents a 10.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ernie J. Garateix sold 8,334 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $26.94, for a total transaction of $224,517.96. Following the sale, the chief executive officer owned 1,200,806 shares in the company, valued at $32,349,713.64. This trade represents a 0.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 383,333 shares of company stock valued at $10,005,756 over the last 90 days. 14.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on HRTG. Truist Financial boosted their price target on shares of Heritage Insurance from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Zacks Research raised shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Finally, Weiss Ratings upgraded shares of Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $32.50.

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.