Franklin Resources Inc. Grows Position in Heritage Insurance Holdings, Inc. $HRTG

Franklin Resources Inc. grew its position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 136.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,087 shares of the insurance provider’s stock after purchasing an additional 20,253 shares during the quarter. Franklin Resources Inc.’s holdings in Heritage Insurance were worth $875,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in HRTG. USA Financial Formulas acquired a new stake in Heritage Insurance during the second quarter valued at $25,000. Nisa Investment Advisors LLC boosted its stake in shares of Heritage Insurance by 2,413.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 1,062 shares in the last quarter. AlphaQuest LLC grew its position in shares of Heritage Insurance by 252.3% during the 2nd quarter. AlphaQuest LLC now owns 3,259 shares of the insurance provider’s stock valued at $81,000 after acquiring an additional 2,334 shares during the period. Police & Firemen s Retirement System of New Jersey increased its stake in shares of Heritage Insurance by 33.2% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 5,749 shares of the insurance provider’s stock valued at $143,000 after purchasing an additional 1,432 shares in the last quarter. Finally, Strs Ohio acquired a new position in Heritage Insurance in the 1st quarter worth about $127,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Stock Down 5.5%

NYSE HRTG opened at $26.75 on Friday. The business has a fifty day moving average price of $26.27 and a 200 day moving average price of $24.09. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $826.84 million, a P/E ratio of 5.54 and a beta of 0.96. Heritage Insurance Holdings, Inc. has a one year low of $9.89 and a one year high of $31.98.

Heritage Insurance (NYSE:HRTG) last released its 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. The business had revenue of $212.46 million during the quarter, compared to analyst estimates of $210.12 million. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. Research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Heritage Insurance

In other Heritage Insurance news, CFO Kirk Lusk sold 8,331 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $28.21, for a total value of $235,017.51. Following the completion of the sale, the chief financial officer owned 550,425 shares in the company, valued at approximately $15,527,489.25. This represents a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ernie J. Garateix sold 8,334 shares of the business’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 value of $224,517.96. Following the transaction, the chief executive officer owned 1,200,806 shares in the company, valued at approximately $32,349,713.64. This represents a 0.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 383,333 shares of company stock valued at $10,005,756. Corporate insiders own 15.20% of the company’s stock.

Heritage Insurance 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.