Heritage Insurance Holdings: Institutional Investment and Market Trends
During the third quarter, Sierra Summit Advisors LLC acquired 38,109 shares in Heritage Insurance Holdings, as reported to the SEC. This acquisition is valued at approximately $960,000, granting Sierra Summit a 0.12% ownership stake in the insurance company by the end of the quarter.
Several institutional investors have also adjusted their holdings. Marshall Wace LLP increased its ownership by 58.9% in the second quarter, reaching 942,167 shares worth $23,498,000. Assenagon Asset Management S.A. significantly boosted its investment by 223.9% in the third quarter, now holding 462,075 shares valued at $11,635,000. Prudential Financial Inc. expanded its shares by 290.8% to 383,582 shares valued at $9,567,000. Arrowstreet Capital Limited Partnership raised its stake by 69.6%, accumulating 526,377 shares worth $13,128,000, while Connor Clark & Lunn Investment Management Ltd. enhanced its investment by 33.6%, holding 648,773 shares valued at $16,180,000. Overall, institutional investors and hedge funds own 59.03% of Heritage Insurance's stock.
Stock Performance and Ratings
Heritage Insurance's stock recently opened at $27.90, maintaining a 50-day moving average of $26.61 and a 200-day moving average of $25.96. The firm’s stock has ranged from a year low of $9.89 to a year high of $31.98. It boasts a market capitalization of $862.33 million, a price-to-earnings ratio of 5.78, and a beta of 0.96. The company maintains a debt-to-equity ratio of 0.18, with current and quick ratios both standing at 0.82.
Research notes from various analysts have offered insights into Heritage Insurance. Truist Financial increased their target price from $35 to $37 and issued a "buy" rating as of November 7th. On January 5th, Zacks Research revised its rating from "strong-buy" to "hold." Weiss Ratings maintained a "buy (b)" rating in its December 29th analysis. In total, three analysts have given a Buy rating, with a consensus of "Moderate Buy" and an average target price of $32.50 according to MarketBeat.
Executive Activity and Company Profile
In executive activity, CEO Ernie J. Garateix sold 8,334 shares at an average price of $24.12 on February 20th, bringing his ownership to 1,120,170 shares valued at approximately $27,018,500. CFO Kirk Lusk sold 8,331 shares on December 2nd at an average price of $28.21, reducing his stake to 550,425 shares valued around $15,527,489. Over the last quarter, a total of 48,333 shares were sold by insiders, amounting to $1,325,269, with insiders holding 15.20% of the company’s shares.
Heritage Insurance Holdings, Inc., headquartered in Jupiter, Florida since its inception in 2011, specializes in providing homeowners insurance and related products in the U.S. Through its subsidiary, Heritage Property & Casualty Insurance Company, it offers a range of personal insurance lines and markets these offerings via independent agents, targeting regions susceptible to severe weather conditions. This strategic positioning underscores its role as a prominent player in Florida’s residential property insurance landscape.