Connor Clark & Lunn Investment Management Ltd. Buys Shares of 553,556 Heritage Insurance Holdings, Inc. $HRTG

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 553,556 shares of the insurance provider’s stock, valued at approximately $14,437,000. Connor Clark & Lunn Investment Management Ltd. owned about 1.86% of Heritage Insurance at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Heritage Insurance by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 1,881,027 shares of the insurance provider’s stock valued at $55,039,000 after acquiring an additional 234,296 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Heritage Insurance by 52.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 218,655 shares of the insurance provider’s stock worth $5,740,000 after acquiring an additional 75,339 shares in the last quarter. Denali Advisors LLC acquired a new position in Heritage Insurance during the 4th quarter worth $2,490,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Heritage Insurance in the 1st quarter worth about $2,212,000. Finally, Inspire Investing LLC bought a new stake in shares of Heritage Insurance in the 1st quarter worth about $1,547,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

Insider Activity at Heritage Insurance

In related news, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $30.03, for a total value of $276,276.00. Following the sale, the chief accounting officer owned 96,388 shares of the company’s stock, valued at approximately $2,894,531.64. This trade represents a 8.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ernie J. Garateix sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.31, for a total value of $171,550.00. Following the transaction, the chief executive officer owned 1,055,955 shares of the company’s stock, valued at $36,229,816.05. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 61,204 shares of company stock valued at $1,866,683. 9.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wall Street Zen raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Zacks Research upgraded Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Truist Financial increased their target price on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Piper Sandler lifted their target price on Heritage Insurance from $27.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Heritage Insurance in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $36.50.

Heritage Insurance Trading Down 1.3%

NYSE HRTG opened at $34.14 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 0.83. Heritage Insurance Holdings, Inc. has a one year low of $20.48 and a one year high of $36.50. The company has a 50-day simple moving average of $28.86 and a 200-day simple moving average of $26.69. The firm has a market capitalization of $1.02 billion, a PE ratio of 4.86 and a beta of 0.89.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.80. Heritage Insurance had a net margin of 25.19% and a return on equity of 42.41%. The firm had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.71 million. On average, equities analysts forecast that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current year.

About Heritage Insurance

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.