Hagerty (NYSE:HGTY) Issues Earnings Results

Hagerty (NYSE:HGTY) posted its quarterly earnings results on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.04, Zacks reports. Hagerty had a return on equity of 17.51% and a net margin of 5.85%.The firm had revenue of $359.01 million during the quarter, compared to the consensus estimate of $354.36 million. Hagerty updated its FY 2025 guidance to EPS.

Hagerty Stock Up 1.5%

Shares of NYSE:HGTY traded up $0.18 during trading on Thursday, hitting $11.56. The company’s stock had a trading volume of 77,491 shares, compared to its average volume of 110,460. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. Hagerty has a fifty-two week low of $8.03 and a fifty-two week high of $13.32. The stock’s 50-day moving average price is $11.81 and its two-hundred day moving average price is $10.59. The company has a market capitalization of $3.95 billion, a PE ratio of 41.27 and a beta of 0.91.

Analyst Upgrades and Downgrades

HGTY has been the subject of a number of research reports. BMO Capital Markets initiated coverage on Hagerty in a research report on Monday, September 22nd. They set a “market perform” rating and a $13.00 price target for the company. Oppenheimer began coverage on Hagerty in a research report on Wednesday, September 17th. They issued an “outperform” rating and a $15.00 target price for the company. JMP Securities began coverage on Hagerty in a research report on Wednesday, October 1st. They issued a “market outperform” rating and a $15.00 target price for the company. Wall Street Zen raised Hagerty from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Finally, Citigroup began coverage on Hagerty in a research report on Wednesday, October 1st. They issued an “outperform” rating for the company. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Hagerty currently has an average rating of “Hold” and a consensus price target of $13.88.

Insider Activity

In related news, Director Robert I. Kauffman sold 1,455,000 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the transaction, the director owned 1,721,662 shares in the company, valued at approximately $15,357,225.04. The trade was a 45.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holding Corp. Hagerty sold 1,236,750 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $8.92, for a total value of $11,031,810.00. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 3,388,821 shares of company stock worth $31,574,674. Insiders own 16.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in Hagerty by 24.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock valued at $338,000 after buying an additional 7,459 shares in the last quarter. Geode Capital Management LLC raised its stake in Hagerty by 2.0% during the second quarter. Geode Capital Management LLC now owns 254,634 shares of the company’s stock valued at $2,576,000 after buying an additional 5,077 shares in the last quarter. Marshall Wace LLP raised its stake in Hagerty by 37.2% during the second quarter. Marshall Wace LLP now owns 22,405 shares of the company’s stock valued at $227,000 after buying an additional 6,072 shares in the last quarter. Bank of America Corp DE raised its stake in 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 in the last quarter. Finally, Osaic Holdings Inc. raised its stake in Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after buying an additional 4,749 shares in the last quarter. 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.