Hagerty (NYSE:HGTY) Price Target Raised to $16.00

Hagerty (NYSE:HGTY) had its target price raised by Keefe, Bruyette & Woods from $15.00 to $16.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company upped their price target on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Truist Financial lifted their price objective on shares of Hagerty from $11.00 to $13.00 and gave the company a “hold” rating in a report on Friday, August 7th. Weiss Ratings raised shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. upped their target price on shares of Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Finally, UBS Group set a $14.00 target price on shares of Hagerty in a research report on Wednesday, June 10th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Hagerty has an average rating of “Hold” and an average target price of $14.00.

Hagerty Price Performance

HGTY opened at $12.89 on Tuesday. The business has a fifty day moving average of $11.78 and a 200 day moving average of $11.25. Hagerty has a 52-week low of $9.36 and a 52-week high of $14.00. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.33. The stock has a market cap of $4.43 billion, a P/E ratio of 143.20 and a beta of 0.79.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. Hagerty had a return on equity of 5.15% and a net margin of 1.81%.The business had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. As a group, sell-side analysts anticipate that Hagerty will post -0.1 EPS for the current year.

Insider Activity at Hagerty

In other news, CAO Kevin M. Delaney sold 9,440 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the transaction, the chief accounting officer owned 89,610 shares in the company, valued at approximately $1,084,281. This trade represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,458 shares of company stock worth $163,227 in the last 90 days. Company insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HGTY. EverSource Wealth Advisors LLC increased its position in Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after purchasing an additional 1,591 shares during the period. Osaic Holdings Inc. boosted its stake in shares of Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after purchasing an additional 4,749 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Hagerty by 165.3% during the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after purchasing an additional 3,197 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Hagerty during the fourth quarter valued at approximately $98,000. Finally, Bank of America Corp DE increased its holdings in Hagerty by 46.6% during the second quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after buying an additional 2,726 shares during the period. 20.51% of the stock is currently owned by institutional investors.

Hagerty Company Profile

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.