Franklin Resources Inc. Sells 61,931 Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG)

Franklin Resources Inc. reduced its position in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 82.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,362 shares of the insurance provider's stock after selling 61,931 shares during the quarter. Franklin Resources Inc.'s holdings in Heritage Insurance were worth $164,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. nVerses Capital LLC bought a new stake in Heritage Insurance in the third quarter worth $49,000. Sei Investments Co. purchased a new position in shares of Heritage Insurance in the second quarter worth about $102,000. MetLife Investment Management LLC lifted its stake in shares of Heritage Insurance by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider's stock valued at $164,000 after acquiring an additional 7,545 shares during the last quarter. Cornercap Investment Counsel Inc. purchased a new stake in Heritage Insurance during the 3rd quarter valued at about $206,000. Finally, Rhumbline Advisers increased its stake in Heritage Insurance by 2,282.1% in the 2nd quarter. Rhumbline Advisers now owns 30,967 shares of the insurance provider's stock worth $219,000 after purchasing an additional 29,667 shares during the period. 59.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Heritage Insurance

In other news, Director Nicholas George Pappas sold 4,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $12.64, for a total value of $50,560.00. Following the sale, the director now directly owns 76,314 shares of the company's stock, valued at approximately $964,608.96. This represents a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 14.00% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Heritage Insurance from a "hold" rating to a "buy" rating in a report on Monday, November 25th.

Heritage Insurance Trading Down 1.8 %

NYSE HRTG traded down $0.22 on Friday, hitting $12.00. The company's stock had a trading volume of 184,468 shares, compared to its average volume of 203,534. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.42. Heritage Insurance Holdings, Inc. has a 52-week low of $5.51 and a 52-week high of $16.90. The firm has a market cap of $368.16 million, a P/E ratio of 4.80 and a beta of 1.02. The company's 50-day simple moving average is $11.90 and its 200 day simple moving average is $11.31.

Heritage Insurance (NYSE:HRTG - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.25. The business had revenue of $211.85 million for the quarter, compared to the consensus estimate of $209.91 million. Heritage Insurance had a net margin of 9.10% and a return on equity of 29.17%. During the same period in the previous year, the firm earned ($0.28) EPS. Research analysts predict that Heritage Insurance Holdings, Inc. will post 1.27 EPS for the current fiscal year.

Heritage Insurance announced that its board has authorized 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 purchase up to 2.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board 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.