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

Hagerty (NYSE:HGTY) had its price target trimmed by Truist Financial from $13.00 to $11.00 in a report issued on Monday,Benzinga reports. The firm currently has a hold rating on the stock.

HGTY has been the subject of a number of other research reports. Wall Street Zen lowered Hagerty from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Wells Fargo & Company lowered their target price on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.38.

Hagerty Stock Performance

Shares of NYSE:HGTY opened at $10.29 on Monday. The firm has a market capitalization of $3.52 billion, a PE ratio of 51.43 and a beta of 0.83. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. The business has a 50-day moving average of $10.52 and a two-hundred day moving average of $11.86. Hagerty has a 12 month low of $8.81 and a 12 month high of $14.00.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.05). The firm had revenue of $311.83 million for the quarter, compared to analyst estimates of $284.88 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%. As a group, research analysts forecast that Hagerty will post 0.27 earnings per share for the current year.

Insider Transactions at Hagerty

In other Hagerty news, Director Anthony J. Kuczinski purchased 4,000 shares of Hagerty stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $9.50 per share, with a total value of $38,000.00. Following the completion of the acquisition, the director owned 47,277 shares of the company’s stock, valued at approximately $449,131.50. This trade represents a 9.24% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Laurie Harris sold 5,531 shares of the stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $11.01, for a total value of $60,896.31. Following the completion of the transaction, the director directly owned 36,689 shares of the company’s stock, valued at $403,945.89. This represents a 13.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 16.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in Hagerty by 49.5% in the first quarter. Dimensional Fund Advisors LP now owns 271,346 shares of the company’s stock valued at $2,857,000 after purchasing an additional 89,898 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Hagerty by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after buying an additional 1,209 shares during the last quarter. Lincoln Capital LLC lifted its holdings in Hagerty by 17.0% during the 1st quarter. Lincoln Capital LLC now owns 950,652 shares of the company’s stock worth $10,008,000 after buying an additional 137,794 shares during the last quarter. E. Ohman J or Asset Management AB bought a new position in Hagerty during the 1st quarter worth approximately $481,000. Finally, Occudo Quantitative Strategies LP bought a new position in Hagerty during the 4th quarter worth approximately $170,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

About Hagerty

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.