Moran Wealth Management LLC Takes Position in Heritage Insurance Holdings, Inc. $HRTG

Moran Wealth Management LLC acquired a new position in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,321 shares of the insurance provider’s stock, valued at approximately $257,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HRTG. GAMMA Investing LLC raised its holdings in Heritage Insurance by 8,472.2% during the first quarter. GAMMA Investing LLC now owns 3,086 shares of the insurance provider’s stock worth $450,000 after purchasing an additional 3,050 shares during the last quarter. CWM LLC raised its stake in shares of Heritage Insurance by 83.7% during the 1st quarter. CWM LLC now owns 9,951 shares of the insurance provider’s stock worth $143,000 after buying an additional 4,535 shares during the last quarter. Bailard Inc. raised its stake in shares of Heritage Insurance by 48.6% during the 1st quarter. Bailard Inc. now owns 24,779 shares of the insurance provider’s stock worth $357,000 after buying an additional 8,100 shares during the last quarter. Kingsview Wealth Management LLC acquired a new position in Heritage Insurance during the first quarter worth about $228,000. Finally, Mackenzie Financial Corp raised its position in Heritage Insurance by 307.3% during the first quarter. Mackenzie Financial Corp now owns 102,652 shares of the insurance provider’s stock worth $1,480,000 after acquiring an additional 77,452 shares during the last quarter. 59.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HRTG shares. Wall Street Zen cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Heritage Insurance in a research report on Wednesday, October 8th. Truist Financial boosted their price target on Heritage Insurance from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Finally, Zacks Research cut Heritage Insurance from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.50.

Heritage Insurance Trading Down 3.9%

Shares of HRTG opened at $23.00 on Friday. The company has a market capitalization of $713.34 million, a PE ratio of 6.63 and a beta of 0.98. The stock has a fifty day moving average of $23.96 and a two-hundred day moving average of $22.26. Heritage Insurance Holdings, Inc. has a fifty-two week low of $9.71 and a fifty-two week high of $29.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.82 and a current ratio of 0.82.

Heritage Insurance (NYSE:HRTG) last posted its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.52. The company had revenue of $208.04 million during the quarter, compared to the consensus estimate of $212.12 million. Heritage Insurance had a net margin of 12.71% and a return on equity of 33.36%. As a group, analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ernie J. Garateix sold 8,334 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $27.24, for a total transaction of $227,018.16. Following the completion of the sale, the chief executive officer directly owned 1,237,474 shares of the company’s stock, valued at approximately $33,708,791.76. This trade represents a 0.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Widdicombe sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $27.26, for a total value of $2,726,000.00. Following the sale, the chairman owned 499,047 shares of the company’s stock, valued at $13,604,021.22. This represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,334 shares of company stock valued at $7,471,788. 15.20% of the stock is owned by corporate insiders.

Heritage Insurance Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.