Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Heritage Insurance Holdings, Inc. $HRTG

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG) in the second quarter, Holdings Channel.com reports. The firm bought 553,556 shares of the insurance provider’s stock, valued at approximately $14,437,000.

Other large investors also recently made changes to their positions in the company. Advisory Services Network LLC bought a new stake in shares of Heritage Insurance during the third quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. acquired a new position in shares of Heritage Insurance during the fourth quarter worth approximately $31,000. Royal Bank of Canada grew its holdings in Heritage Insurance by 72.6% in the 4th quarter. Royal Bank of Canada now owns 1,182 shares of the insurance provider’s stock worth $35,000 after buying an additional 497 shares in the last quarter. Optiver Holding B.V. grew its holdings in Heritage Insurance by 510.0% in the 1st quarter. Optiver Holding B.V. now owns 1,403 shares of the insurance provider’s stock worth $37,000 after buying an additional 1,173 shares in the last quarter. Finally, Pinnacle Holdings LLC acquired a new stake in Heritage Insurance in the 2nd quarter valued at approximately $48,000. Institutional investors and hedge funds own 59.03% of the company’s stock.

Insider Buying and Selling

In related news, CAO Sharon Binnun sold 9,200 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $30.03, for a total transaction of $276,276.00. Following the completion of the transaction, the chief accounting officer owned 96,388 shares of the company’s stock, valued at $2,894,531.64. This trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Moura sold 15,104 shares of Heritage Insurance stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $32.49, for a total value of $490,728.96. Following the transaction, the insider directly owned 144,941 shares in the company, valued at approximately $4,709,133.09. The trade was a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 61,204 shares of company stock worth $1,866,683. 9.20% of the stock is owned by corporate insiders.

Heritage Insurance Price Performance

Shares of NYSE:HRTG opened at $34.14 on Wednesday. Heritage Insurance Holdings, Inc. has a 12 month low of $20.48 and a 12 month high of $36.50. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 4.86 and a beta of 0.89. The stock’s 50 day moving average price is $28.86 and its 200 day moving average price is $26.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.83 and a quick ratio of 0.83.

Heritage Insurance (NYSE:HRTG) last released its earnings results on Wednesday, August 5th. The insurance provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.80. The firm had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.71 million. Heritage Insurance had a return on equity of 42.41% and a net margin of 25.19%. Equities research analysts anticipate that Heritage Insurance Holdings, Inc. will post 5.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Truist Financial boosted their price target on Heritage Insurance from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Zacks Research raised Heritage Insurance from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Heritage Insurance in a research note on Friday, August 7th. Wall Street Zen raised shares of Heritage Insurance from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Piper Sandler increased their target price on shares of Heritage Insurance from $27.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $36.50.

About Heritage Insurance

Heritage Insurance Holdings, Inc (NYSE: HRTG) is a property and casualty insurance holding company that offers homeowners insurance and related coverage products in the United States. Through its primary subsidiary, Heritage Property & Casualty Insurance Company, the firm underwrites standard and non-standard personal lines insurance, including homeowners, dwelling fire, flood, and condominium policies. Heritage leverages a network of independent insurance agents to distribute its products across select regional markets, with an emphasis on serving property owners in areas prone to severe weather events.

Founded in 2011 and headquartered in Jupiter, Florida, Heritage Insurance has grown to become one of the leading providers of residential property insurance in the state.