Russell Investments Group Ltd. cut its holdings in Heritage Insurance Holdings, Inc. (NYSE: HRTG – Get Rating) by 16.4% in the first quarter, Holdings Channel reports. The institutional investor held 43,492 shares of the insurance provider after selling 8,546 shares during the quarter. The holdings of Russell Investments Group Ltd. in Heritage Insurance were worth $309,000 at the end of the most recent reporting period.
Other institutional investors have also recently changed their stake in the company. Belpointe Asset Management LLC increased its stake in Heritage Insurance by 100.2% during the first quarter. Belpointe Asset Management LLC now owns 47,304 shares of the insurance provider worth $338,000 after purchasing an additional 23,681 shares in the last quarter. First Quadrant LLC CA acquired a new position in Heritage Insurance during the first quarter worth $44,000. PDT Partners LLC acquired a new position in Heritage Insurance during the fourth quarter worth $70,000. Pacific Ridge Capital Partners LLC increased its stake in Heritage Insurance by 15.5% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 834,956 shares of the insurance provider worth $4,910,000 after purchasing an additional 112,331 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Heritage Insurance by 12.3% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,155 shares of the insurance provider worth $177,000 after purchasing an additional 3,304 shares in the last quarter. 59.33% of the shares are currently held by hedge funds and other institutional investors.
Insider activity at Heritage Insurance
In other Heritage Insurance news, Chief Financial Officer Kirk Lusk bought 10,000 shares of the company in a deal that took place on Thursday, June 30. The shares were purchased at an average cost of $2.61 per share, for a total transaction of $26,100.00. Following the completion of the purchase, the CFO now owns 233,736 shares of the company, valued at approximately $610,050.96. The purchase was disclosed in a filing with the SEC, which is available on the SEC’s website. Insiders hold 10.80% of the shares of the company.
Performance of wealth insurance stocks
NYSE HRTG opened at $2.66 on Wednesday. The stock has a market capitalization of $70.67 million, a price-earnings ratio of -0.39 and a beta of 0.88. The company has a fifty-day moving average of $2.77 and a 200-day moving average of $4.39. Heritage Insurance Holdings, Inc. has a fifty-two-week low of $2.26 and a fifty-two-week high of $7.37. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt ratio of 0.68.
Heritage Insurance (NYSE:HRTG – Get Rating) last released its results on Thursday, August 4. The insurance provider reported EPS of $0.11 for the quarter, beating the consensus estimate of ($0.14) by $0.25. The company posted revenue of $163.77 million in the quarter, compared to analyst estimates of $154.69 million. Heritage Insurance posted a negative return on equity of 10.90% and a negative net margin of 28.07%. As a group, analysts predict Heritage Insurance Holdings, Inc. will post -1.08 earnings per share for the current fiscal year.
Analysts set new price targets
Several equity analysts have recently released reports on HRTG shares. Piper Sandler cut her price target on Heritage Insurance to $6.00 in a Thursday, June 9 report. TheStreet upgraded Heritage Insurance from a ‘c-‘ rating to a ‘d+’ rating in a Tuesday, May 3 report. JMP Securities cut its price target on Heritage Insurance from $10.00 to $8.00 and set a “market outperformance” rating for the company in a Monday, July 18 report. Finally, StockNews.com upgraded Heritage Insurance from a “hold” rating to a “buy” rating in a Monday, August 8 report.
About Legacy Insurance
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Heritage Insurance Holdings, Inc., through its subsidiaries, offers personal and commercial home insurance products. The company offers personal residential property insurance for single family homeowners and condominium owners, as well as rental property insurance in the states of 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 residential property and personal wind insurance.
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