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

Heron Bay Capital Management reduced its holdings in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 21.3% during the 4th quarter, Holdings Channel.com reports. 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 SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC purchased a new stake in Heritage Insurance during the 3rd quarter worth approximately $1,541,000. Exchange Traded Concepts LLC purchased a new stake in Heritage Insurance during the 4th quarter worth approximately $296,000. BNP Paribas Financial Markets increased its position in shares of Heritage Insurance by 412.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 19,215 shares of the insurance provider’s stock valued at $235,000 after purchasing an additional 15,468 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of Heritage Insurance in the 4th quarter valued at approximately $303,000. Finally, State Street Corp increased its position in shares of Heritage Insurance by 27.4% in the 3rd quarter. State Street Corp now owns 371,057 shares of the insurance provider’s stock valued at $4,542,000 after purchasing an additional 79,802 shares during the last quarter. 59.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Heritage Insurance Trading Down 1.6 %

Shares of NYSE:HRTG opened at $13.56 on Friday. Heritage Insurance Holdings, Inc. has a 52 week low of $6.14 and a 52 week high of $16.90. The company’s 50 day moving average is $11.79 and its two-hundred day moving average is $12.18. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. The company has a market cap of $415.92 million, a PE ratio of 5.42 and a beta of 1.00.

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

Heritage Insurance announced that its Board of Directors has authorized a share buyback program on Monday, December 9th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 2.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Heritage Insurance

In related news, Director Paul L. Whiting bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $13.35 per share, with a total value of $133,500.00. Following the transaction, the director now directly owns 79,576 shares of the company’s stock, valued at approximately $1,062,339.60. This represents a 14.37 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kirk Lusk purchased 6,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were acquired at an average price of $13.85 per share, with a total value of $83,100.00. Following the purchase, the chief financial officer now owns 618,756 shares in the company, valued at $8,569,770.60. This trade represents a 0.98 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 21,000 shares of company stock valued at $280,450 in the last ninety days. Insiders own 14.00% of the company’s stock.

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.