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

Man Group plc purchased a new stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 23,604 shares of the insurance provider’s stock, valued at approximately $616,000. Man Group plc owned 0.08% of Heritage Insurance as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of HRTG. Advisory Services Network LLC acquired a new position in shares of Heritage Insurance in the third quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. bought a new stake in Heritage Insurance in the 4th quarter valued at $31,000. Royal Bank of Canada grew its holdings in Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock valued at $35,000 after buying an additional 497 shares in the last quarter. Optiver Holding B.V. grew its holdings in Heritage Insurance by 510.0% in the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock valued at $37,000 after buying an additional 1,173 shares in the last quarter. Finally, Harbour Investments Inc. bought a new position in Heritage Insurance during the 4th quarter worth $50,000. 59.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Heritage Insurance Price Performance

Shares of NYSE:HRTG opened at $34.92 on Friday. The firm has a 50 day moving average of $30.27 and a 200-day moving average of $27.12. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $36.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $1.04 billion, a PE ratio of 4.97 and a beta of 0.92.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) 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 business had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. On average, equities research analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Timothy Moura sold 15,104 shares of Heritage Insurance 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 transaction, the insider owned 144,941 shares in the company, valued at approximately $4,709,133.09. This trade represents a 9.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Sharon Binnun sold 9,200 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $33.91, for a total value of $311,972.00. Following the transaction, the chief accounting officer directly owned 87,188 shares of the company’s stock, valued at $2,956,545.08. This trade represents a 9.54% 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 have sold 80,404 shares of company stock worth $2,527,455. 9.20% of the stock is owned by company insiders.

Heritage Insurance 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.