Principal Financial Group Inc. Buys 43,113 Shares of Heritage Insurance Holdings, Inc. $HRTG

Principal Financial Group Inc. lifted its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 201.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,490 shares of the insurance provider’s stock after purchasing an additional 43,113 shares during the quarter. Principal Financial Group Inc. owned about 0.21% of Heritage Insurance worth $1,624,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in shares of Heritage Insurance by 58.9% during the 2nd quarter. Marshall Wace LLP now owns 942,167 shares of the insurance provider’s stock worth $23,498,000 after acquiring an additional 349,168 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Heritage Insurance by 223.9% in the third quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider’s stock worth $11,635,000 after purchasing an additional 319,434 shares during the last quarter. Prudential Financial Inc. raised its stake in Heritage Insurance by 290.8% during the second quarter. Prudential Financial Inc. now owns 383,582 shares of the insurance provider’s stock valued at $9,567,000 after purchasing an additional 285,425 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Heritage Insurance by 69.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 526,377 shares of the insurance provider’s stock valued at $13,128,000 after purchasing an additional 216,019 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Heritage Insurance by 33.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 648,773 shares of the insurance provider’s stock worth $16,180,000 after buying an additional 163,142 shares in the last quarter. 59.03% of the stock is owned by institutional investors.

Heritage Insurance Stock Performance

Heritage Insurance stock opened at $24.67 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $762.57 million, a P/E ratio of 5.11 and a beta of 0.96. Heritage Insurance Holdings, Inc. has a 1-year low of $9.89 and a 1-year high of $31.98. The company’s 50-day moving average is $27.12 and its 200 day moving average is $25.71.

Analyst Ratings Changes

Several analysts have recently issued reports on HRTG shares. Truist Financial upped their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Weiss Ratings restated a “buy (b)” rating on shares of Heritage Insurance in a research report on Monday, December 29th. Finally, Zacks Research cut Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.50.

Insiders Place Their Bets

In other news, CFO Kirk Lusk sold 8,331 shares of the company’s 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 transaction, the chief financial officer directly owned 550,425 shares in the company, valued at approximately $15,527,489.25. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ernie J. Garateix sold 8,334 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $26.03, for a total transaction of $216,934.02. Following the completion of the transaction, the chief executive officer directly owned 1,128,504 shares in the company, valued at $29,374,959.12. This represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 48,333 shares of company stock valued at $1,348,771. 15.20% of the stock is owned by company insiders.

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.