JPMorgan Chase & Co. Trims Stake in Heritage Insurance Holdings, Inc. $HRTG

JPMorgan Chase & Co. reduced its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 53.6% during the third quarter, HoldingsChannel.com reports. The firm owned 65,365 shares of the insurance provider’s stock after selling 75,514 shares during the period. JPMorgan Chase & Co.’s holdings in Heritage Insurance were worth $1,646,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HRTG. Assenagon Asset Management S.A. raised its position in Heritage Insurance by 223.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 462,075 shares of the insurance provider’s stock worth $11,635,000 after purchasing an additional 319,434 shares during the period. Vanguard Group Inc. raised its position in Heritage Insurance by 8.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,646,731 shares of the insurance provider’s stock worth $41,465,000 after purchasing an additional 132,271 shares during the period. Pacific Ridge Capital Partners LLC raised its position in Heritage Insurance by 27.2% in the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 458,929 shares of the insurance provider’s stock worth $11,556,000 after purchasing an additional 98,246 shares during the period. Millennium Management LLC raised its position in Heritage Insurance by 39.8% in the 1st quarter. Millennium Management LLC now owns 322,957 shares of the insurance provider’s stock worth $4,657,000 after purchasing an additional 91,982 shares during the period. Finally, American Century Companies Inc. grew its stake in Heritage Insurance by 11.5% in the 3rd quarter. American Century Companies Inc. now owns 888,452 shares of the insurance provider’s stock worth $22,371,000 after acquiring an additional 91,847 shares in the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Heritage Insurance

In related news, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $24.12, for a total transaction of $201,016.08. Following the transaction, the chief executive officer directly owned 1,120,170 shares of the company’s stock, valued at $27,018,500.40. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Sharon Binnun sold 9,200 shares of Heritage Insurance stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $25.72, for a total transaction of $236,624.00. Following the transaction, the chief accounting officer directly owned 133,188 shares in the company, valued at approximately $3,425,595.36. The trade was a 6.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 121,718 shares of company stock valued at $3,167,147 over the last ninety days. 15.20% of the stock is owned by company insiders.

Heritage Insurance Stock Performance

Shares of HRTG stock opened at $26.61 on Thursday. The firm has a market cap of $817.58 million, a price-to-earnings ratio of 4.21 and a beta of 0.95. The company’s 50 day moving average is $26.43 and its 200 day moving average is $26.67. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. Heritage Insurance Holdings, Inc. has a 52-week low of $14.22 and a 52-week high of $31.98.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings data on Monday, March 9th. The insurance provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.54. The company had revenue of $215.32 million for the quarter, compared to analyst estimates of $212.60 million. Heritage Insurance had a net margin of 23.08% and a return on equity of 47.28%. On average, sell-side analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on HRTG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Heritage Insurance in a research note on Friday, March 27th. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 11th. Truist Financial lifted their target price on Heritage Insurance from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Heritage Insurance in a research report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $33.50.

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.