Victory Capital Management Inc. Lowers Stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Victory Capital Management Inc. reduced its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 21.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,000 shares of the insurance provider’s stock after selling 23,000 shares during the quarter. Victory Capital Management Inc. owned approximately 0.27% of Heritage Insurance worth $1,016,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in HRTG. Innealta Capital LLC purchased a new stake in shares of Heritage Insurance during the second quarter valued at $30,000. nVerses Capital LLC purchased a new stake in Heritage Insurance in the third quarter worth about $49,000. Valmark Advisers Inc. purchased a new stake in Heritage Insurance in the second quarter worth about $80,000. Sei Investments Co. purchased a new stake in Heritage Insurance in the second quarter worth about $102,000. Finally, Rhumbline Advisers lifted its stake in Heritage Insurance by 2,282.1% in the second quarter. Rhumbline Advisers now owns 30,967 shares of the insurance provider’s stock worth $219,000 after acquiring an additional 29,667 shares during the period. 59.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Nicholas George Pappas sold 4,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $12.64, for a total transaction of $50,560.00. Following the transaction, the director now owns 76,314 shares in the company, valued at $964,608.96. This represents a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 14.00% of the stock is currently owned by corporate insiders.

Heritage Insurance Stock Performance

Shares of Heritage Insurance stock opened at $12.36 on Thursday. The company has a market capitalization of $379.20 million, a PE ratio of 4.94 and a beta of 0.98. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. The company has a 50-day simple moving average of $11.88 and a two-hundred day simple moving average of $10.61. Heritage Insurance Holdings, Inc. has a one year low of $5.51 and a one year high of $16.90.

Heritage Insurance (NYSE:HRTG) last announced its earnings results on Wednesday, November 6th. The insurance provider reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.25. The business had revenue of $211.85 million during the quarter, compared to the consensus estimate of $209.91 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. During the same period in the previous year, the company posted ($0.28) earnings per share. Research analysts expect that Heritage Insurance Holdings, Inc. will post 1.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on HRTG. Truist Financial upped their price objective on shares of Heritage Insurance from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Piper Sandler raised shares of Heritage Insurance from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $9.00 to $13.00 in a research note on Friday, August 9th. Finally, StockNews.com raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research note on Monday.

About Heritage Insurance

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.