GW&K Investment Management LLC raised its position in shares of Heritage Insurance Holdings Inc. (NYSE:HRTG) by 12.9% during the second quarter, Holdings Channel reports. The fund owned 144,950 shares of the company’s stock after buying an additional 16,607 shares during the period. GW&K Investment Management LLC’s holdings in Heritage Insurance Holdings were worth $1,735,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HRTG. Bank of Montreal Can acquired a new position in Heritage Insurance Holdings during the second quarter worth approximately $256,000. Metropolitan Life Insurance Co. NY raised its position in shares of Heritage Insurance Holdings by 3.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 18,152 shares of the company’s stock valued at $290,000 after buying an additional 631 shares in the last quarter. Glenmede Trust Co. NA purchased a new position in shares of Heritage Insurance Holdings during the first quarter valued at about $343,000. Prudential Financial Inc. purchased a new position in shares of Heritage Insurance Holdings during the first quarter valued at about $433,000. Finally, Bogle Investment Management L P DE purchased a new position in shares of Heritage Insurance Holdings during the first quarter valued at about $541,000. 54.81% of the stock is owned by institutional investors and hedge funds.
Heritage Insurance Holdings Inc. (NYSE:HRTG) traded up 0.70% during mid-day trading on Friday, hitting $14.41. The company had a trading volume of 107,711 shares. The firm has a market capitalization of $427.98 million, a PE ratio of 6.94 and a beta of 1.00. Heritage Insurance Holdings Inc. has a 1-year low of $11.50 and a 1-year high of $24.98. The company has a 50 day moving average of $13.68 and a 200 day moving average of $13.45.
Heritage Insurance Holdings (NYSE:HRTG) last announced its earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.07. Heritage Insurance Holdings had a return on equity of 17.73% and a net margin of 15.06%. The business earned $115.28 million during the quarter, compared to analyst estimates of $113.73 million. During the same quarter in the previous year, the business earned $0.84 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Analysts predict that Heritage Insurance Holdings Inc. will post $1.74 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Tuesday, September 13th. Heritage Insurance Holdings’s dividend payout ratio is presently 11.59%.
Several brokerages have recently issued reports on HRTG. Keefe, Bruyette & Woods set a $17.00 target price on Heritage Insurance Holdings and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Zacks Investment Research raised Heritage Insurance Holdings from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 5th. Finally, Sandler O’Neill raised Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Friday, September 23rd. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. Heritage Insurance Holdings has an average rating of “Hold” and an average price target of $21.88.
In related news, Director James Masiello purchased 20,000 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was purchased at an average price of $12.96 per share, with a total value of $259,200.00. Following the completion of the purchase, the director now owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 15.10% of the company’s stock.
About Heritage Insurance Holdings
Heritage Insurance Holdings, Inc is a property and casualty insurance holding company. The Company provides personal and commercial residential insurance. Through its subsidiary, Heritage Property & Casualty Insurance Company, it provides personal residential insurance for single-family homeowners and condominium owners, rental property insurance and commercial residential insurance in the state of Florida and North Carolina.
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