Bank of New York Mellon Corp Raises Stock Holdings in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Bank of New York Mellon Corp increased its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 263.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,814 shares of the insurance provider’s stock after purchasing an additional 63,645 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.29% of Heritage Insurance worth $622,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC grew its holdings in shares of Heritage Insurance by 8.1% during the first quarter. Empowered Funds LLC now owns 96,678 shares of the insurance provider’s stock worth $1,030,000 after buying an additional 7,203 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Heritage Insurance in the 1st quarter worth approximately $155,000. Fortis Capital Advisors LLC acquired a new position in Heritage Insurance in the 1st quarter valued at $134,000. Kennedy Capital Management LLC purchased a new position in shares of Heritage Insurance during the 1st quarter worth $663,000. Finally, Instrumental Wealth LLC boosted its holdings in shares of Heritage Insurance by 109.1% during the first quarter. Instrumental Wealth LLC now owns 27,791 shares of the insurance provider’s stock worth $296,000 after purchasing an additional 14,500 shares during the last quarter. Institutional investors and hedge funds own 59.03% of the company’s stock.

Heritage Insurance Price Performance

HRTG stock opened at $15.18 on Tuesday. The company has a market cap of $465.05 million, a PE ratio of 9.26 and a beta of 0.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average price of $12.31 and a two-hundred day moving average price of $9.93. Heritage Insurance Holdings, Inc. has a 12-month low of $4.97 and a 12-month high of $16.90.

Heritage Insurance (NYSE:HRTG) last issued its earnings results on Tuesday, August 6th. The insurance provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.23. Heritage Insurance had a return on equity of 26.27% and a net margin of 7.37%. The business had revenue of $203.57 million during the quarter, compared to analysts’ expectations of $196.81 million. During the same quarter in the previous year, the business earned $0.32 EPS. As a group, research analysts predict that Heritage Insurance Holdings, Inc. will post 1.93 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Ernie J. Garateix bought 5,000 shares of the stock in a transaction dated Friday, August 9th. The stock was acquired at an average price of $8.59 per share, for a total transaction of $42,950.00. Following the completion of the purchase, the chief executive officer now owns 1,072,584 shares in the company, valued at $9,213,496.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard A. Widdicombe acquired 4,437 shares of the business’s stock in a transaction on Friday, August 16th. The shares were purchased at an average price of $14.55 per share, for a total transaction of $64,558.35. Following the acquisition, the chairman now directly owns 696,497 shares of the company’s stock, valued at approximately $10,134,031.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ernie J. Garateix acquired 5,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $8.59 per share, with a total value of $42,950.00. Following the completion of the transaction, the chief executive officer now owns 1,072,584 shares in the company, valued at $9,213,496.56. The disclosure for this purchase can be found here. 14.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

HRTG has been the topic of several recent analyst reports. Piper Sandler upgraded Heritage Insurance from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $9.00 to $13.00 in a research report on Friday, August 9th. StockNews.com lowered shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 4th. Finally, Truist Financial boosted their target price on shares of Heritage Insurance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Heritage Insurance has an average rating of “Moderate Buy” and an average target price of $10.67.

Heritage Insurance Company 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.