Hagerty (NYSE:HGTY) Cut to Hold at Wall Street Zen

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

Several other analysts have also recently weighed in on the stock. Citizens Jmp started coverage on shares of Hagerty in a research note on Wednesday, October 1st. They issued a “mkt outperform” rating and a $15.00 price objective on the stock. BMO Capital Markets started coverage on Hagerty in a research report on Monday, September 22nd. They set a “market perform” rating and a $13.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday, November 12th. JPMorgan Chase & Co. raised their price target on shares of Hagerty from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Finally, Evercore ISI started coverage on shares of Hagerty in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.00.

Hagerty Stock Performance

NYSE:HGTY opened at $13.22 on Friday. The stock’s 50-day moving average is $12.14 and its 200-day moving average is $10.99. Hagerty has a 1-year low of $8.03 and a 1-year high of $13.86. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.17. The stock has a market cap of $4.52 billion, a P/E ratio of 47.20 and a beta of 0.91.

Hagerty (NYSE:HGTY) last posted its 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 business had revenue of $359.01 million for the quarter, compared to the consensus estimate of $354.36 million. Hagerty has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Hagerty will post 0.22 earnings per share for the current year.

Insider Activity

In related news, Director Robert I. Kauffman sold 55,524 shares of the business’s stock in a transaction dated Tuesday, October 14th. The stock was 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders have sold 447,872 shares of company stock worth $5,282,572. 16.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

A number of hedge funds have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Hagerty during the first quarter valued at approximately $93,000. Swiss National Bank grew its position in Hagerty by 15.3% in the 1st quarter. Swiss National Bank now owns 61,100 shares of the company’s stock valued at $552,000 after purchasing an additional 8,100 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Hagerty by 4.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,768 shares of the company’s stock valued at $1,291,000 after purchasing an additional 5,667 shares in the last quarter. Virtu Financial LLC bought a new stake in Hagerty during the 1st quarter valued at $108,000. Finally, Neuberger Berman Group LLC raised its holdings in Hagerty by 15.7% during the first quarter. Neuberger Berman Group LLC now owns 5,468,793 shares of the company’s stock worth $49,438,000 after buying an additional 743,597 shares during the last quarter. Institutional investors and hedge funds own 20.51% of the company’s stock.

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.