State Street Corp Purchases 79,802 Shares of Heritage Insurance Holdings, Inc. (NYSE:HRTG)

State Street Corp raised its stake in Heritage Insurance Holdings, Inc. (NYSE:HRTG - Free Report) by 27.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 371,057 shares of the insurance provider's stock after purchasing an additional 79,802 shares during the quarter. State Street Corp owned 1.21% of Heritage Insurance worth $4,542,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in HRTG. nVerses Capital LLC bought a new stake in shares of Heritage Insurance in the third quarter worth about $49,000. Valmark Advisers Inc. purchased a new stake in Heritage Insurance in the 2nd quarter worth approximately $80,000. Sei Investments Co. bought a new stake in shares of Heritage Insurance in the 2nd quarter worth approximately $102,000. MetLife Investment Management LLC increased its stake in shares of Heritage Insurance by 129.1% during the third quarter. MetLife Investment Management LLC now owns 13,391 shares of the insurance provider's stock valued at $164,000 after buying an additional 7,545 shares during the period. Finally, Cornercap Investment Counsel Inc. bought a new position in shares of Heritage Insurance during the third quarter valued at approximately $206,000. Hedge funds and other institutional investors own 59.03% of the company's stock.

Heritage Insurance Stock Down 1.2 %

HRTG traded down $0.15 on Monday, hitting $11.90. The company had a trading volume of 150,854 shares, compared to its average volume of 434,285. Heritage Insurance Holdings, Inc. has a 52-week low of $5.51 and a 52-week high of $16.90. The stock has a fifty day simple moving average of $11.81 and a 200-day simple moving average of $11.24. 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 capitalization of $365.14 million, a P/E ratio of 4.76 and a beta of 1.02.

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

Heritage Insurance declared that its board has initiated a stock buyback plan on Monday, December 9th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 2.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Heritage Insurance news, Director Nicholas George Pappas sold 4,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $12.64, for a total transaction of $50,560.00. Following the completion of the sale, the director now directly owns 76,314 shares in the company, valued at approximately $964,608.96. This trade represents a 4.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 14.00% of the company's stock.

Wall Street Analyst Weigh In

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

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.