Hagerty, Inc. (NYSE:HGTY) Receives Average Recommendation of “Hold” from Brokerages

Hagerty, Inc. (NYSE:HGTY) has received a consensus recommendation of “Hold” from the nine research firms that are presently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $13.6667.

Several research firms have issued reports on HGTY. Keefe, Bruyette & Woods boosted their price objective on shares of Hagerty from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Weiss Ratings raised shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 17th. Wall Street Zen upgraded shares of Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. JPMorgan Chase & Co. lifted their target price on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, 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 research report on Thursday, July 9th.

Insider Activity at Hagerty

In other news, CAO Kevin M. Delaney sold 9,440 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total value of $114,224.00. Following the completion of the sale, the chief accounting officer owned 89,610 shares of the company’s stock, valued at $1,084,281. This represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 90 days. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Several hedge funds have recently modified their holdings of HGTY. Bank of New York Mellon Corp grew its position in shares of Hagerty by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock valued at $418,000 after purchasing an additional 1,209 shares in the last quarter. EverSource Wealth Advisors LLC boosted 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 worth $32,000 after purchasing an additional 1,591 shares during the period. Swiss National Bank grew its holdings in Hagerty by 3.4% during the 4th quarter. Swiss National Bank now owns 79,260 shares of the company’s stock valued at $1,065,000 after buying an additional 2,600 shares in the last quarter. Bank of America Corp DE increased its position in shares of 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. Finally, Trexquant Investment LP lifted its holdings in shares of Hagerty by 2.6% in the fourth quarter. Trexquant Investment LP now owns 115,277 shares of the company’s stock worth $1,549,000 after buying an additional 2,872 shares in the last quarter. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

Hagerty Stock Up 0.4%

Shares of NYSE:HGTY opened at $11.99 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65. Hagerty has a 1 year low of $8.81 and a 1 year high of $14.00. The stock has a market capitalization of $4.12 billion, a P/E ratio of 59.96 and a beta of 0.79. The stock has a 50-day simple moving average of $11.10 and a 200-day simple moving average of $11.35.

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

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.