Instrumental Wealth LLC Acquires 32,269 Shares of Heritage Insurance Holdings, Inc. $HRTG

Instrumental Wealth LLC grew its holdings in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 116.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,060 shares of the insurance provider’s stock after acquiring an additional 32,269 shares during the quarter. Heritage Insurance accounts for approximately 1.0% of Instrumental Wealth LLC’s holdings, making the stock its 17th biggest holding. Instrumental Wealth LLC owned approximately 0.19% of Heritage Insurance worth $1,401,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new position in shares of Heritage Insurance during the 3rd quarter valued at $984,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Heritage Insurance by 24.4% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 35,700 shares of the insurance provider’s stock worth $899,000 after purchasing an additional 7,000 shares during the last quarter. Arkadios Wealth Advisors boosted its position in Heritage Insurance by 10.7% during the third quarter. Arkadios Wealth Advisors now owns 128,286 shares of the insurance provider’s stock valued at $3,230,000 after buying an additional 12,397 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of Heritage Insurance during the third quarter valued at about $253,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Heritage Insurance in the third quarter worth about $36,000. 59.03% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Kirk Lusk sold 19,929 shares of Heritage Insurance stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $24.18, for a total transaction of $481,883.22. Following the sale, the chief financial officer directly owned 558,756 shares in the company, valued at $13,510,720.08. The trade was a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ernie J. Garateix sold 10,000 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $29.10, for a total value of $291,000.00. Following the completion of the transaction, the chief executive officer owned 1,219,140 shares of the company’s stock, valued at approximately $35,476,974. This trade represents a 0.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 133,333 shares of company stock worth $3,745,308 in the last quarter. 14.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on HRTG. Weiss Ratings reissued a “buy (b)” rating on shares of Heritage Insurance in a research note on Monday, December 29th. Zacks Research downgraded Heritage Insurance from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Finally, Truist Financial increased their price objective on Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.50.

Heritage Insurance Trading Down 1.6%

NYSE:HRTG opened at $25.49 on Monday. The company has a 50-day moving average price of $27.96 and a 200-day moving average price of $25.18. The stock has a market cap of $787.74 million, a price-to-earnings ratio of 5.28 and a beta of 0.98. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.18. Heritage Insurance Holdings, Inc. has a 12 month low of $9.89 and a 12 month high of $31.98.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings results on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $1.10. The company had revenue of $212.46 million during the quarter, compared to the consensus estimate of $210.12 million. Heritage Insurance had a net margin of 17.72% and a return on equity of 41.44%. Equities analysts predict that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

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.