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

Hagerty, Inc. (NYSE:HGTY) has been assigned a consensus rating of “Hold” from the ten analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $14.00.

A number of equities analysts recently commented on the stock. Wells Fargo & Company began coverage on shares of Hagerty in a research note on Friday, October 3rd. They set an “equal weight” rating and a $13.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Hagerty from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. BMO Capital Markets assumed coverage on Hagerty in a research report on Monday, September 22nd. They set a “market perform” rating and a $13.00 target price on the stock. Citigroup started coverage on Hagerty in a research note on Wednesday, October 1st. They set an “outperform” rating for the company. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Hagerty in a research note on Monday.

Hagerty Stock Down 0.8%

Shares of NYSE:HGTY opened at $12.63 on Friday. Hagerty has a fifty-two week low of $8.03 and a fifty-two week high of $13.86. The firm’s 50 day moving average price is $12.25 and its 200 day moving average price is $11.19. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.17. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 45.12 and a beta of 0.89.

Hagerty (NYSE:HGTY) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.09 by $0.04. Hagerty had a net margin of 5.85% and a return on equity of 16.85%. The company had revenue of $359.01 million during the quarter, compared to analysts’ expectations of $354.36 million. As a group, equities research analysts predict that Hagerty will post 0.22 earnings per share for the current fiscal year.

Insider Activity at Hagerty

In related news, Director Robert I. Kauffman sold 55,524 shares of the business’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $12.16, for a total value of $675,171.84. Following the completion of the sale, the director directly owned 1,023,525 shares of the company’s stock, valued at $12,446,064. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 390,432 shares of company stock valued at $4,642,401. Company insiders own 16.70% of the company’s stock.

Institutional Trading of Hagerty

Hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc acquired a new stake in shares of Hagerty in the 2nd quarter valued at about $30,000. Osaic Holdings Inc. boosted its holdings in shares of Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after acquiring an additional 4,749 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after acquiring an additional 3,197 shares during the period. Bank of America Corp DE grew 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 worth $87,000 after acquiring an additional 2,726 shares during the last quarter. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of Hagerty by 228.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock valued at $106,000 after acquiring an additional 7,300 shares during the period. Institutional investors and hedge funds own 20.51% of the company’s stock.

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.