Hagerty (NYSE:HGTY) Coverage Initiated at Citizens Jmp

Stock analysts at Citizens Jmp began coverage on shares of Hagerty (NYSE:HGTY) in a research report issued on Wednesday, Marketbeat reports. The brokerage set a “mkt outperform” rating and a $15.00 price target on the stock. Citizens Jmp’s price target indicates a potential upside of 23.25% from the company’s current price.

Other analysts also recently issued research reports about the company. Evercore ISI initiated coverage on Hagerty in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 target price on the stock. BMO Capital Markets assumed coverage on Hagerty in a research report on Monday, September 22nd. They issued a “market perform” rating and a $13.00 price objective on the stock. JMP Securities assumed coverage on shares of Hagerty in a report on Wednesday. They set a “market outperform” rating and a $15.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on shares of Hagerty in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 target price for the company. Finally, Oppenheimer assumed coverage on shares of Hagerty in a research report on Wednesday, September 17th. They set an “outperform” rating and a $15.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Hagerty presently has a consensus rating of “Hold” and a consensus target price of $13.71.

Hagerty Stock Up 1.8%

HGTY stock opened at $12.17 on Wednesday. The company has a market capitalization of $4.16 billion, a P/E ratio of 60.85 and a beta of 0.92. Hagerty has a 12 month low of $8.03 and a 12 month high of $13.32. The firm’s fifty day simple moving average is $11.45 and its 200-day simple moving average is $10.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06.

Hagerty (NYSE:HGTY) last posted its earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The company had revenue of $368.70 million during the quarter, compared to the consensus estimate of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Hagerty will post 0.22 earnings per share for the current year.

Insider Activity

In other news, Director Robert I. Kauffman sold 18,372 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $12.06, for a total transaction of $221,566.32. Following the completion of the sale, the director owned 1,132,877 shares of the company’s stock, valued at $13,662,496.62. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 11,934,210 shares of company stock valued at $107,835,862 in the last quarter. 16.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hagerty

Large investors have recently bought and sold shares of the company. IFP Advisors Inc purchased a new position in shares of Hagerty in the second quarter valued at approximately $30,000. Osaic Holdings Inc. raised its stake in Hagerty by 2,374.5% in the 2nd 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 during the last quarter. Bank of America Corp DE lifted its holdings 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 purchasing an additional 2,726 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Hagerty during the 1st quarter worth $93,000. Finally, KLP Kapitalforvaltning AS boosted its stake in Hagerty by 228.1% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock worth $106,000 after purchasing an additional 7,300 shares during the last quarter. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

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.