Hagerty (NYSE:HGTY) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Hagerty (NYSE:HGTY) from a hold rating to a buy rating in a report released on Saturday morning.

A number of other analysts have also commented on the stock. BMO Capital Markets started coverage on shares of Hagerty in a research note on Monday, September 22nd. They set a “market perform” rating and a $13.00 price target for the company. Evercore ISI started coverage on shares of Hagerty in a report on Wednesday, August 27th. They set an “outperform” rating and a $14.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of Hagerty in a report on Friday, October 3rd. They issued an “equal weight” rating and a $13.00 target price on the stock. Oppenheimer initiated coverage on shares of Hagerty in a research report on Wednesday, September 17th. They issued an “outperform” rating and a $15.00 price target on the stock. Finally, Keefe, Bruyette & Woods initiated coverage on Hagerty in a report on Wednesday, August 27th. They set an “outperform” rating and a $14.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.88.

Hagerty Stock Performance

Shares of Hagerty stock opened at $11.26 on Friday. The business has a 50-day simple moving average of $11.79 and a 200 day simple moving average of $10.54. Hagerty has a one year low of $8.03 and a one year high of $13.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 56.30 and a beta of 0.92.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $368.70 million for the quarter, compared to analyst estimates of $347.15 million. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. Hagerty has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Hagerty will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Hagerty news, Director Robert I. Kauffman sold 15,270 shares of Hagerty stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $11.12, for a total transaction of $169,802.40. Following the transaction, the director owned 898,097 shares of the company’s stock, valued at $9,986,838.64. This trade represents a 1.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 11,633,821 shares of company stock valued at $105,120,074. Company insiders own 16.70% of the company’s stock.

Institutional Trading of Hagerty

A number of institutional investors and hedge funds have recently modified their holdings of the business. Neuberger Berman Group LLC boosted its position in Hagerty by 15.7% in the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock worth $49,438,000 after purchasing an additional 743,597 shares during the last quarter. Lincoln Capital LLC increased its position in shares of Hagerty by 9.4% during the 2nd quarter. Lincoln Capital LLC now owns 607,309 shares of the company’s stock valued at $6,140,000 after purchasing an additional 52,023 shares during the last quarter. IFP Advisors Inc bought a new stake in shares of Hagerty during the 2nd quarter worth $30,000. Greenhaven Road Investment Management L.P. raised its stake in shares of Hagerty by 10.1% during the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company’s stock worth $12,299,000 after purchasing an additional 124,336 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Hagerty by 15.3% in the 1st quarter. Swiss National Bank now owns 61,100 shares of the company’s stock worth $552,000 after buying an additional 8,100 shares during the last quarter. 20.51% of the stock is owned by hedge funds and other institutional investors.

Hagerty Company Profile

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.