Connor Clark & Lunn Investment Management Ltd. Buys 163,142 Shares of Heritage Insurance Holdings, Inc. $HRTG

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 33.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 648,773 shares of the insurance provider’s stock after purchasing an additional 163,142 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Heritage Insurance were worth $16,180,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in HRTG. CWM LLC increased its holdings in shares of Heritage Insurance by 83.7% in the first quarter. CWM LLC now owns 9,951 shares of the insurance provider’s stock worth $143,000 after purchasing an additional 4,535 shares during the last quarter. Bailard Inc. grew its holdings in Heritage Insurance by 48.6% during the 1st quarter. Bailard Inc. now owns 24,779 shares of the insurance provider’s stock valued at $357,000 after buying an additional 8,100 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in Heritage Insurance in the 1st quarter worth approximately $228,000. Mackenzie Financial Corp raised its holdings in shares of Heritage Insurance by 307.3% during the 1st quarter. Mackenzie Financial Corp now owns 102,652 shares of the insurance provider’s stock worth $1,480,000 after acquiring an additional 77,452 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Heritage Insurance during the 1st quarter valued at approximately $388,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

Analysts Set New Price Targets

HRTG has been the topic of several research reports. Zacks Research upgraded shares of Heritage Insurance from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Wall Street Zen cut shares of Heritage Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Truist Financial upped their target price on shares of Heritage Insurance from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday. Finally, Weiss Ratings upgraded Heritage Insurance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $32.50.

Insiders Place Their Bets

In related news, Chairman Richard A. Widdicombe sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $27.26, for a total value of $2,726,000.00. Following the transaction, the chairman owned 499,047 shares of the company’s stock, valued at $13,604,021.22. This trade represents a 16.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ernie J. Garateix sold 8,334 shares of Heritage Insurance stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $23.01, for a total transaction of $191,765.34. Following the sale, the chief executive officer owned 1,229,140 shares of the company’s stock, valued at $28,282,511.40. The trade was a 0.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 322,668 shares of company stock worth $8,147,141. 14.00% of the stock is currently owned by company insiders.

Heritage Insurance Stock Down 2.4%

Shares of NYSE HRTG opened at $28.84 on Tuesday. The company has a market cap of $894.62 million, a P/E ratio of 5.97 and a beta of 0.95. The firm has a 50-day simple moving average of $24.74 and a two-hundred day simple moving average of $23.25. Heritage Insurance Holdings, Inc. has a 1 year low of $9.89 and a 1 year high of $30.41. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.82 and a quick ratio of 0.82.

Heritage Insurance (NYSE:HRTG) last issued its quarterly earnings results on Wednesday, November 5th. The insurance provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $0.53 by $1.10. Heritage Insurance had a return on equity of 44.62% and a net margin of 17.72%.The firm had revenue of $212.46 million for the quarter, compared to the consensus estimate of $210.12 million. Research analysts anticipate that Heritage Insurance Holdings, Inc. will post 1.86 earnings per share for the current year.

About Heritage Insurance

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.