BlackRock Advisors LLC Increases Stake in Heritage Insurance Holdings Inc. (HRTG)
BlackRock Advisors LLC boosted its position in Heritage Insurance Holdings Inc. (NYSE:HRTG) by 34.1% during the second quarter, Holdings Channel reports. The firm owned 357,442 shares of the company’s stock after buying an additional 90,896 shares during the period. BlackRock Advisors LLC owned 1.20% of Heritage Insurance Holdings worth $4,279,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in HRTG. Quantitative Systematic Strategies LLC bought a new position in Heritage Insurance Holdings during the second quarter valued at $130,000. JPMorgan Chase & Co. acquired a new stake in Heritage Insurance Holdings during the second quarter worth approximately $160,000. Bank of Montreal Can acquired a new stake in Heritage Insurance Holdings during the second quarter worth approximately $256,000. Glenmede Trust Co. NA acquired a new stake in Heritage Insurance Holdings during the first quarter worth approximately $343,000. Finally, Schroder Investment Management Group boosted its stake in Heritage Insurance Holdings by 7.0% in the second quarter. Schroder Investment Management Group now owns 26,178 shares of the company’s stock worth $313,000 after buying an additional 1,714 shares in the last quarter. Hedge funds and other institutional investors own 54.84% of the company’s stock.
Shares of Heritage Insurance Holdings Inc. (NYSE:HRTG) opened at 12.33 on Wednesday. Heritage Insurance Holdings Inc. has a one year low of $11.50 and a one year high of $24.98. The stock has a 50 day moving average price of $13.62 and a 200 day moving average price of $13.19. The company has a market capitalization of $366.20 million, a PE ratio of 5.94 and a beta of 0.99.
Heritage Insurance Holdings (NYSE:HRTG) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.62 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 analyst estimates of $113.73 million. During the same period in the prior year, the company earned $0.84 earnings per share. The firm’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts predict that Heritage Insurance Holdings Inc. will post $1.74 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.95%. The ex-dividend date was Tuesday, September 13th. Heritage Insurance Holdings’s payout ratio is 11.59%.
A number of equities research analysts have commented on the company. Sandler O’Neill raised Heritage Insurance Holdings from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, September 23rd. Zacks Investment Research raised Heritage Insurance Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 5th. Keefe, Bruyette & Woods set a $17.00 price target on Heritage Insurance Holdings and gave the company a “buy” rating in a report on Tuesday, August 9th. Finally, Citigroup Inc. decreased their price target on Heritage Insurance Holdings from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, October 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Heritage Insurance Holdings presently has a consensus rating of “Buy” and an average price target of $19.00.
In other news, Director Vijay Walvekar sold 5,000 shares of the stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $13.90, for a total transaction of $69,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Masiello bought 20,000 shares of the stock in a transaction dated 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 in the company, valued at $2,978,143.20. The disclosure for this purchase can be found here. 15.10% of the stock is currently owned by company insiders.
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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