Phocas Financial Corp. Buys 240,608 Shares of Heritage Insurance Holdings Inc (HRTG)

Phocas Financial Corp. increased its stake in shares of Heritage Insurance Holdings Inc (NYSE:HRTG) by 37.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 883,781 shares of the insurance provider’s stock after buying an additional 240,608 shares during the quarter. Heritage Insurance comprises approximately 1.5% of Phocas Financial Corp.’s investment portfolio, making the stock its 5th biggest position. Phocas Financial Corp. owned about 3.32% of Heritage Insurance worth $13,009,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of HRTG. Victory Capital Management Inc. grew its stake in shares of Heritage Insurance by 56.4% in the third quarter. Victory Capital Management Inc. now owns 107,000 shares of the insurance provider’s stock worth $1,585,000 after purchasing an additional 38,565 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Heritage Insurance by 1.1% in the third quarter. JPMorgan Chase & Co. now owns 934,894 shares of the insurance provider’s stock worth $13,855,000 after purchasing an additional 9,982 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Heritage Insurance by 49.1% in the third quarter. Prudential Financial Inc. now owns 32,590 shares of the insurance provider’s stock worth $483,000 after purchasing an additional 10,730 shares in the last quarter. Credit Suisse AG grew its stake in shares of Heritage Insurance by 65.3% in the third quarter. Credit Suisse AG now owns 1,040,166 shares of the insurance provider’s stock worth $15,416,000 after purchasing an additional 410,919 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in Heritage Insurance by 52.6% during the third quarter. GSA Capital Partners LLP now owns 26,313 shares of the insurance provider’s stock valued at $390,000 after buying an additional 9,075 shares in the last quarter. 65.05% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Bruce Lucas bought 1,806 shares of Heritage Insurance stock in a transaction dated Friday, March 8th. The stock was acquired at an average cost of $13.92 per share, with a total value of $25,139.52. Following the completion of the acquisition, the chief executive officer now directly owns 946,859 shares in the company, valued at approximately $13,180,277.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 25.30% of the company’s stock.

Separately, Zacks Investment Research raised Heritage Insurance from a “sell” rating to a “hold” rating in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $17.17.

HRTG stock traded up $0.30 during trading hours on Monday, hitting $14.79. 61,534 shares of the stock traded hands, compared to its average volume of 156,885. Heritage Insurance Holdings Inc has a one year low of $12.85 and a one year high of $17.99. The stock has a market capitalization of $439.93 million, a P/E ratio of 10.72 and a beta of 1.02. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 3rd. Stockholders of record on Friday, March 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, March 14th. Heritage Insurance’s dividend payout ratio is 17.39%.

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Heritage Insurance Profile

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners; rental property insurance; and commercial residential insurance, as well as residential wind-only property insurance in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New York, New Jersey, North Carolina, Rhode Island, and South Carolina.

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Institutional Ownership by Quarter for Heritage Insurance (NYSE:HRTG)

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