Hagerty (NYSE:HGTY) Price Target Raised to $15.00 at Keefe, Bruyette & Woods

Hagerty (NYSE:HGTY) had its price objective boosted by research analysts at Keefe, Bruyette & Woods from $14.00 to $15.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 24.81% from the stock’s current price.

A number of other equities analysts have also issued reports on the company. Wells Fargo & Company reduced 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. Wall Street Zen raised Hagerty from a “sell” rating to a “hold” rating in a report on Saturday. UBS Group set a $14.00 price target on shares of Hagerty in a report on Wednesday, June 10th. Weiss Ratings raised shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th. Finally, Truist Financial cut their price objective on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Monday, May 11th. 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.com, the company presently has a consensus rating of “Hold” and an average target price of $13.44.

Hagerty Stock Performance

Shares of Hagerty stock traded down $0.13 during midday trading on Wednesday, hitting $12.02. The company had a trading volume of 27,306 shares, compared to its average volume of 156,013. The company has a fifty day simple moving average of $10.80 and a 200 day simple moving average of $11.41. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 59.92 and a beta of 0.79. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.35. Hagerty has a 12-month low of $8.81 and a 12-month high of $14.00.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). The company had revenue of $311.83 million for the quarter, compared to analysts’ expectations of $284.88 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%. As a group, analysts predict that Hagerty will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Hagerty

In other Hagerty news, CAO Kevin M. Delaney sold 9,440 shares of the stock in a transaction that occurred 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 represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 quarter. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its stake in Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after acquiring an additional 1,591 shares during the period. Osaic Holdings Inc. increased 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 worth $50,000 after purchasing an additional 4,749 shares in the last quarter. BNP Paribas Financial Markets increased 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 worth $62,000 after purchasing an additional 3,197 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Hagerty during the 4th quarter worth about $98,000. Finally, Bank of America Corp DE lifted its stake in Hagerty by 46.6% in the 2nd 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 in the last quarter. 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.