Pacific Ridge Capital Partners LLC Raises Stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Pacific Ridge Capital Partners LLC lifted its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG) by 33.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 813,557 shares of the insurance provider’s stock after acquiring an additional 205,195 shares during the quarter. Heritage Insurance makes up approximately 2.3% of Pacific Ridge Capital Partners LLC’s portfolio, making the stock its 6th largest position. Pacific Ridge Capital Partners LLC owned about 2.65% of Heritage Insurance worth $9,844,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. New York State Common Retirement Fund lifted its holdings in Heritage Insurance by 222.2% during the fourth quarter. New York State Common Retirement Fund now owns 2,900 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 2,000 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Heritage Insurance during the 4th quarter valued at $134,000. US Bancorp DE raised its stake in shares of Heritage Insurance by 91,671.4% during the 4th quarter. US Bancorp DE now owns 12,848 shares of the insurance provider’s stock worth $155,000 after purchasing an additional 12,834 shares during the period. MetLife Investment Management LLC increased its holdings in Heritage Insurance by 129.1% during the third quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider’s stock worth $164,000 after buying an additional 7,545 shares during the last quarter. Finally, Bailard Inc. purchased a new stake in Heritage Insurance during the fourth quarter worth about $202,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

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.

Insider Activity at Heritage Insurance

In other news, Director Paul L. Whiting acquired 10,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was bought at an average cost of $13.35 per share, for a total transaction of $133,500.00. Following the completion of the transaction, the director now owns 79,576 shares of the company’s stock, valued at $1,062,339.60. The trade was a 14.37 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ernie J. Garateix bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $12.77 per share, for a total transaction of $63,850.00. Following the acquisition, the chief executive officer now directly owns 1,270,808 shares in the company, valued at $16,228,218.16. This trade represents a 0.40 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 21,000 shares of company stock worth $280,450. 14.00% of the stock is owned by corporate insiders.

Heritage Insurance Stock Performance

Shares of HRTG opened at $13.84 on Thursday. 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 cap of $592.95 million, a PE ratio of 5.54 and a beta of 1.00. Heritage Insurance Holdings, Inc. has a 1 year low of $6.14 and a 1 year high of $16.90. The stock’s fifty day moving average price is $11.95 and its two-hundred day moving average price is $12.13.

Heritage Insurance (NYSE:HRTG) last released its quarterly earnings data on Tuesday, March 11th. The insurance provider reported $0.66 EPS for the quarter, beating the consensus estimate of ($0.17) by $0.83. The business 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%. On average, equities research analysts forecast that Heritage Insurance Holdings, Inc. will post 1.86 EPS for the current year.

Heritage Insurance declared that its board has approved a share repurchase plan on Monday, December 9th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the insurance provider to repurchase up to 2.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.