Truist Financial Boosts Hagerty (NYSE:HGTY) Price Target to $11.00

Hagerty (NYSE:HGTY) had its price objective hoisted by Truist Financial from $10.00 to $11.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a hold rating on the stock.

Separately, JPMorgan Chase & Co. increased their price objective on shares of Hagerty from $9.50 to $11.00 and gave the stock a neutral rating in a report on Thursday, July 11th.

Hagerty Price Performance

NYSE:HGTY traded down $0.18 during mid-day trading on Thursday, reaching $10.60. 120,209 shares of the company were exchanged, compared to its average volume of 83,580. Hagerty has a 12 month low of $7.52 and a 12 month high of $11.47. The company has a fifty day moving average of $10.63 and a 200 day moving average of $9.39. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.57 billion, a PE ratio of 176.67 and a beta of 0.80.

Insiders Place Their Bets

In other Hagerty news, Director Robert I. Kauffman sold 2,941 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $9.07, for a total transaction of $26,674.87. Following the sale, the director now owns 3,391,825 shares of the company’s stock, valued at approximately $30,763,852.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Robert I. Kauffman sold 2,941 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $9.07, for a total value of $26,674.87. Following the transaction, the director now owns 3,391,825 shares of the company’s stock, valued at approximately $30,763,852.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert I. Kauffman sold 9,585 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $11.25, for a total transaction of $107,831.25. Following the completion of the transaction, the director now directly owns 5,454,558 shares in the company, valued at approximately $61,363,777.50. The disclosure for this sale can be found here. Insiders have sold a total of 326,005 shares of company stock valued at $3,407,854 in the last 90 days. 17.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Confluence Investment Management LLC acquired a new stake in shares of Hagerty in the 1st quarter valued at approximately $3,473,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Hagerty in the 4th quarter valued at approximately $132,000. GABELLI & Co INVESTMENT ADVISERS INC. raised its position in shares of Hagerty by 34.7% in the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 103,300 shares of the company’s stock valued at $806,000 after acquiring an additional 26,600 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Hagerty in the 2nd quarter valued at approximately $139,000. Finally, Blue Trust Inc. acquired a new stake in shares of Hagerty in the 2nd quarter valued at approximately $39,000. Institutional investors own 20.51% of the company’s stock.

About Hagerty

Hagerty, Inc provides insurance agency services worldwide. It offers motor vehicle and boat insurance products; and reinsurance products. The company provides Hagerty Media, which publishes contents through the Hagerty Drivers Club Magazine (HDC), video content, and social media channels; HDC that offers subscription based products and services, including HDC Magazine, automotive enthusiast events, proprietary vehicle valuation tools, emergency roadside services, and special vehicle-related discounts.