Ameriprise Financial Inc. Increases Holdings in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Ameriprise Financial Inc. lifted its position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 46.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 384,948 shares of the insurance provider’s stock after buying an additional 121,518 shares during the period. Ameriprise Financial Inc. owned about 1.25% of Heritage Insurance worth $4,658,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of HRTG. New York State Common Retirement Fund increased its stake in Heritage Insurance by 222.2% in the 4th quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 2,000 shares during the period. Triumph Capital Management purchased a new position in Heritage Insurance in the 4th quarter worth approximately $121,000. SG Americas Securities LLC purchased a new position in Heritage Insurance in the 4th quarter worth approximately $134,000. Brandywine Global Investment Management LLC increased its stake in Heritage Insurance by 21.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 12,400 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 2,210 shares during the period. Finally, Aquatic Capital Management LLC purchased a new position in Heritage Insurance in the 4th quarter worth approximately $150,000. 59.03% of the stock is owned by hedge funds and other institutional investors.

Heritage Insurance Price Performance

Shares of HRTG stock opened at $23.43 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.76 and a current ratio of 0.76. Heritage Insurance Holdings, Inc. has a fifty-two week low of $6.14 and a fifty-two week high of $26.64. The firm has a market cap of $726.10 million, a P/E ratio of 9.37 and a beta of 0.95. The business’s 50 day moving average price is $18.65 and its 200-day moving average price is $14.25.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.53. Heritage Insurance had a return on equity of 29.17% and a net margin of 9.10%. The company had revenue of $211.52 million for the quarter, compared to analyst estimates of $213.68 million. On average, equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

Insider Activity at Heritage Insurance

In other news, Director Paul L. Whiting purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average cost of $13.35 per share, for a total transaction of $133,500.00. Following the completion of the transaction, the director now directly owns 79,576 shares of the company’s stock, valued at $1,062,339.60. This trade represents a 14.37% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ernie J. Garateix purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average price of $12.77 per share, for a total transaction of $63,850.00. Following the completion of the transaction, the chief executive officer now directly owns 1,270,808 shares of the company’s stock, valued at $16,228,218.16. This represents a 0.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 21,000 shares of company stock worth $280,450 over the last ninety days. 15.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HRTG. Piper Sandler lifted their price objective on Heritage Insurance from $19.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Wall Street Zen upgraded Heritage Insurance from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 13th. Finally, Truist Financial lifted their price objective on Heritage Insurance from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th.

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.