Legal & General Group Plc Invests $514,000 in Heritage Insurance Holdings, Inc. $HRTG

Legal & General Group Plc purchased a new stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,716 shares of the insurance provider’s stock, valued at approximately $514,000. Legal & General Group Plc owned approximately 0.07% of Heritage Insurance at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Heritage Insurance in the 2nd quarter worth about $60,842,000. Vanguard Group Inc. boosted its holdings in shares of Heritage Insurance by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after acquiring an additional 234,296 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Heritage Insurance by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,246,923 shares of the insurance provider’s stock worth $32,732,000 after acquiring an additional 36,879 shares during the period. Marshall Wace LLP grew its stake in shares of Heritage Insurance by 8.7% in the third quarter. Marshall Wace LLP now owns 1,024,357 shares of the insurance provider’s stock worth $25,793,000 after acquiring an additional 82,190 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Heritage Insurance by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 665,902 shares of the insurance provider’s stock valued at $19,486,000 after purchasing an additional 34,996 shares during the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Stock Performance

HRTG opened at $34.40 on Wednesday. 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 company has a market cap of $1.02 billion, a price-to-earnings ratio of 4.90 and a beta of 0.92. The company’s 50 day moving average is $30.75 and its 200 day moving average is $27.32. Heritage Insurance Holdings, Inc. has a 12-month low of $20.48 and a 12-month high of $36.50.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share (EPS) for the quarter, beating 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 research analysts predict that Heritage Insurance Holdings, Inc. will post 5.5 EPS for the current year.

Insider Buying and Selling at Heritage Insurance

In related news, CFO Kirk Lusk sold 10,000 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $34.16, for a total value of $341,600.00. Following the transaction, the chief financial officer directly owned 492,522 shares of the company’s stock, valued at approximately $16,824,551.52. This trade represents a 1.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $33.91, for a total value of $311,972.00. Following the transaction, the chief accounting officer owned 87,188 shares in the company, valued at $2,956,545.08. This trade represents a 9.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 82,904 shares of company stock worth $2,615,205. Insiders own 9.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HRTG. Truist Financial increased their price objective on shares of Heritage Insurance from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Heritage Insurance in a research report on Friday, August 7th. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Wall Street Zen raised Heritage Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Piper Sandler raised their price target on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. One equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $36.50.

Heritage Insurance Company 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.