Heron Bay Capital Management Cuts Stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Heron Bay Capital Management lowered its stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 21.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,925 shares of the insurance provider’s stock after selling 3,502 shares during the period. Heron Bay Capital Management’s holdings in Heritage Insurance were worth $156,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. American Century Companies Inc. grew its stake in Heritage Insurance by 14.8% during the 4th quarter. American Century Companies Inc. now owns 589,899 shares of the insurance provider’s stock valued at $7,138,000 after acquiring an additional 76,032 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Heritage Insurance by 15.3% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 447,868 shares of the insurance provider’s stock valued at $5,419,000 after acquiring an additional 59,281 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Heritage Insurance during the 4th quarter valued at about $1,123,000. Victory Capital Management Inc. grew its stake in Heritage Insurance by 7.2% during the 4th quarter. Victory Capital Management Inc. now owns 89,000 shares of the insurance provider’s stock valued at $1,077,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Heritage Insurance by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 66,874 shares of the insurance provider’s stock valued at $809,000 after acquiring an additional 2,808 shares in the last quarter. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Heritage Insurance Stock Performance

NYSE:HRTG opened at $13.56 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market capitalization of $415.92 million, a price-to-earnings ratio of 5.42 and a beta of 1.00. The company’s 50-day moving average is $11.79 and its two-hundred day moving average is $12.18. Heritage Insurance Holdings, Inc. has a 1-year low of $6.14 and a 1-year high of $16.90.

Heritage Insurance (NYSE:HRTG) last posted its earnings results on Tuesday, March 11th. The insurance provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.83. The company had revenue of $210.26 million for the quarter, compared to analyst estimates of $199.87 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. Analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Heritage Insurance declared that its Board of Directors has approved a stock repurchase program on Monday, December 9th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Heritage Insurance

In related news, CFO Kirk Lusk acquired 6,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were purchased at an average cost of $13.85 per share, for a total transaction of $83,100.00. Following the acquisition, the chief financial officer now owns 618,756 shares in the company, valued at $8,569,770.60. The trade was a 0.98 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ernie J. Garateix acquired 5,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was bought at an average price of $12.77 per share, for a total transaction of $63,850.00. Following the completion of the acquisition, the chief executive officer now owns 1,270,808 shares in the company, valued at approximately $16,228,218.16. The trade was a 0.40 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 21,000 shares of company stock worth $280,450 in the last ninety days. 14.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 18th.

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.