Los Angeles Capital Management & Equity Research Inc. Has $243,000 Stake in Heritage Insurance Holdings Inc. (HRTG)
Los Angeles Capital Management & Equity Research Inc. reduced its position in Heritage Insurance Holdings Inc. (NYSE:HRTG) by 61.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,307 shares of the company’s stock after selling 32,248 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned about 0.07% of Heritage Insurance Holdings worth $243,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantitative Systematic Strategies LLC bought a new stake in Heritage Insurance Holdings during the second quarter worth approximately $130,000. Metropolitan Life Insurance Co. NY boosted its stake in 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 worth $290,000 after buying an additional 631 shares during the period. Bank of Montreal Can bought a new stake in Heritage Insurance Holdings during the second quarter worth approximately $256,000. Glenmede Trust Co. NA bought a new stake in Heritage Insurance Holdings during the first quarter worth approximately $343,000. Finally, Prudential Financial Inc. bought a new stake in Heritage Insurance Holdings during the first quarter worth approximately $433,000. 54.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Heritage Insurance Holdings Inc. (NYSE:HRTG) traded up 0.42% during mid-day trading on Friday, reaching $14.37. 42,916 shares of the company’s stock traded hands. The firm has a market cap of $426.79 million, a price-to-earnings ratio of 6.93 and a beta of 1.00. Heritage Insurance Holdings Inc. has a one year low of $11.50 and a one year high of $24.98. The firm’s 50-day moving average is $13.65 and its 200 day moving average is $13.46.
Heritage Insurance Holdings (NYSE:HRTG) last released its earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.07. Heritage Insurance Holdings had a net margin of 15.06% and a return on equity of 17.73%. The firm had revenue of $115.28 million for the quarter, compared to analyst estimates of $113.73 million. During the same period in the prior year, the firm earned $0.84 earnings per share. The business’s quarterly revenue 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 year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.68%. Heritage Insurance Holdings’s payout ratio is 11.59%.
A number of research firms recently commented on HRTG. Sandler O’Neill upgraded shares of Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Friday, September 23rd. Zacks Investment Research cut shares of Heritage Insurance Holdings from a “hold” rating to a “sell” rating in a research note on Friday, August 5th. Finally, Keefe, Bruyette & Woods set a $17.00 target price on shares of Heritage Insurance Holdings and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $21.88.
In other news, Director James Masiello bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were purchased at an average cost of $12.96 per share, for a total transaction of $259,200.00. Following the completion of the purchase, the director now owns 229,795 shares of the company’s stock, valued at $2,978,143.20. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate 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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