Bank of New York Mellon Corp Raises Position in Heritage Insurance Holdings Inc. (HRTG)
Bank of New York Mellon Corp increased its stake in shares of Heritage Insurance Holdings Inc. (NYSE:HRTG) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 119,831 shares of the company’s stock after buying an additional 431 shares during the period. Bank of New York Mellon Corp owned 0.40% of Heritage Insurance Holdings worth $1,434,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Columbia Partners L L C Investment Management bought a new stake in Heritage Insurance Holdings during the first quarter valued at $1,570,000. Panagora Asset Management Inc. increased its stake in Heritage Insurance Holdings by 26.0% in the first quarter. Panagora Asset Management Inc. now owns 366,247 shares of the company’s stock valued at $5,849,000 after buying an additional 75,643 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Heritage Insurance Holdings by 238.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 58,814 shares of the company’s stock valued at $939,000 after buying an additional 41,414 shares during the period. Bogle Investment Management L P DE bought a new stake in Heritage Insurance Holdings during the first quarter valued at $541,000. Finally, Prudential Financial Inc. bought a new stake in Heritage Insurance Holdings during the first quarter valued at $433,000. Hedge funds and other institutional investors own 54.81% of the company’s stock.
Shares of Heritage Insurance Holdings Inc. (NYSE:HRTG) traded down 3.69% during trading on Tuesday, reaching $12.26. 147,358 shares of the company’s stock traded hands. The company has a market capitalization of $364.12 million, a price-to-earnings ratio of 5.91 and a beta of 0.98. Heritage Insurance Holdings Inc. has a 1-year low of $11.50 and a 1-year high of $24.98. The stock has a 50-day moving average of $13.77 and a 200-day moving average of $13.32.
Heritage Insurance Holdings (NYSE:HRTG) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $115.28 million for the quarter, compared to the consensus estimate of $113.73 million. During the same quarter in the prior year, the firm earned $0.84 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities analysts predict that Heritage Insurance Holdings Inc. will post $1.74 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend was Tuesday, September 13th. Heritage Insurance Holdings’s payout ratio is 11.59%.
HRTG has been the subject of several research reports. 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 report on Friday, September 23rd. Keefe, Bruyette & Woods set a $17.00 target price on shares of Heritage Insurance Holdings and gave the company a “buy” rating in a report on Tuesday, August 9th. Finally, Zacks Investment Research upgraded shares of Heritage Insurance Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $21.88.
In related news, Director Vijay Walvekar sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $13.90, for a total transaction of $69,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Masiello purchased 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were bought at an average cost of $12.96 per share, with a total value of $259,200.00. Following the transaction, the director now directly owns 229,795 shares of the company’s stock, valued at approximately $2,978,143.20. The disclosure for this purchase can be found here. 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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