Hagerty (NYSE:HGTY) Price Target Raised to $15.00

Hagerty (NYSE:HGTY) had its target price increased by Keefe, Bruyette & Woods from $14.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 13.55% from the company’s previous close.

A number of other brokerages have also commented on HGTY. Citigroup started coverage on Hagerty in a report on Wednesday, October 1st. They set an “outperform” rating on the stock. Wells Fargo & Company initiated 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 on the stock. JMP Securities initiated coverage on shares of Hagerty in a research report on Wednesday, October 1st. They set a “market outperform” rating and a $15.00 price target on the stock. Wall Street Zen upgraded shares of Hagerty from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Finally, Oppenheimer started coverage on shares of Hagerty in a research note on Wednesday, September 17th. They set an “outperform” rating and a $15.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $14.00.

Hagerty Stock Performance

Shares of NYSE HGTY opened at $13.21 on Wednesday. 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 50 day simple moving average of $11.91 and a 200-day simple moving average of $10.71. The company has a market cap of $4.52 billion, a PE ratio of 47.18 and a beta of 0.91. Hagerty has a 12-month low of $8.03 and a 12-month high of $13.38.

Hagerty (NYSE:HGTY) last posted its earnings results on Tuesday, November 4th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.09 by $0.04. The firm had revenue of $359.01 million for the quarter, compared to analysts’ expectations of $354.36 million. Hagerty had a return on equity of 16.85% and a net margin of 5.85%. Hagerty has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Hagerty will post 0.22 EPS for the current year.

Insider Activity at Hagerty

In related news, Director Robert I. Kauffman sold 15,270 shares of the 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 completion of the sale, the director directly owned 898,097 shares of the company’s stock, valued at $9,986,838.64. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 478,821 shares of company stock valued at $5,617,474. 16.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HGTY. IFP Advisors Inc bought a new position in shares of Hagerty in the second quarter valued at $30,000. Osaic Holdings Inc. boosted its stake in shares of Hagerty by 2,374.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after acquiring an additional 4,749 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Hagerty by 46.6% in the 2nd 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. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Hagerty in the 1st quarter worth $93,000. Finally, KLP Kapitalforvaltning AS raised its position in shares of Hagerty by 228.1% during the second 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 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.