Y Intercept Hong Kong Ltd Makes New Investment in Heritage Insurance Holdings, Inc. $HRTG

Y Intercept Hong Kong Ltd purchased a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 39,060 shares of the insurance provider’s stock, valued at approximately $984,000. Y Intercept Hong Kong Ltd owned approximately 0.13% of Heritage Insurance as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in HRTG. Financial Management Professionals Inc. acquired a new position in shares of Heritage Insurance in the third quarter valued at $26,000. Nisa Investment Advisors LLC grew its position in shares of Heritage Insurance by 2,413.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,106 shares of the insurance provider’s stock worth $28,000 after buying an additional 1,062 shares during the period. State of Alaska Department of Revenue bought a new position in Heritage Insurance in the third quarter valued at approximately $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Heritage Insurance in the 3rd quarter worth $66,000. Finally, BNP Paribas Financial Markets grew its position in shares of Heritage Insurance by 77.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,035 shares of the insurance provider’s stock worth $76,000 after buying an additional 1,323 shares during the period. 59.03% of the stock is owned by institutional investors and hedge funds.

Heritage Insurance Price Performance

Shares of HRTG opened at $26.08 on Monday. The company has a market cap of $806.13 million, a price-to-earnings ratio of 5.40 and a beta of 0.96. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $27.74 and its 200 day simple moving average is $25.34. Heritage Insurance Holdings, Inc. has a 1-year low of $9.89 and a 1-year high of $31.98.

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Chairman Richard A. Widdicombe sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $29.40, for a total transaction of $1,470,000.00. Following the completion of the sale, the chairman owned 449,047 shares in the company, valued at $13,201,981.80. The trade was a 10.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kirk Lusk sold 8,331 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $28.21, for a total value of $235,017.51. Following the transaction, the chief financial officer owned 550,425 shares in the company, valued at approximately $15,527,489.25. This trade represents a 1.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 133,333 shares of company stock worth $3,745,308 over the last three months. Insiders own 14.00% of the company’s stock.

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.