Hagerty (NYSE:HGTY) Now Covered by Citizens Jmp

Key Points

• Citizens Jmp has initiated coverage on Hagerty (NYSE:HGTY) with an "outperform" rating and a target price of $15.00, indicating a potential upside of 24.38% from the previous close.
• Hagerty reported earnings of $0.13 per share for the most recent quarter, surpassing analysts' expectations, and plans to post $0.22 EPS for the current fiscal year.
• Insider transactions showed that the Director, Robert I. Kauffman, sold 34,447 shares of Hagerty stock, marking a 2.82% decrease in his position.

Citizens Jmp initiated coverage on shares of Hagerty (NYSE:HGTY - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set a "mkt outperform" rating and a $15.00 price target on the stock. Citizens Jmp's price objective indicates a potential upside of 22.30% from the company's previous close.

Other research analysts also recently issued reports about the company. Keefe, Bruyette & Woods started coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target on the stock. Evercore ISI began coverage on Hagerty in a research note on Wednesday, August 27th. They set an "outperform" rating and a $14.00 price objective for the company. JMP Securities began coverage on shares of Hagerty in a research report on Wednesday. They issued a "market outperform" rating and a $15.00 price objective for the company. Citigroup initiated coverage on shares of Hagerty in a research note on Wednesday. They set an "outperform" rating for the company. Finally, BMO Capital Markets assumed coverage on Hagerty in a research report on Monday, September 22nd. They issued a "market perform" rating and a $13.00 price target for the company. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.71.

Hagerty Price Performance

HGTY traded up $0.23 during trading on Wednesday, hitting $12.27. 14,925 shares of the company traded hands, compared to its average volume of 109,316. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. The company has a market cap of $4.19 billion, a PE ratio of 61.33 and a beta of 0.91. The stock's 50-day simple moving average is $11.39 and its two-hundred day simple moving average is $10.10. Hagerty has a 1 year low of $8.03 and a 1 year high of $13.32.

Hagerty (NYSE:HGTY - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The firm had revenue of $368.70 million for the quarter, compared to analysts' expectations of $347.15 million. Hagerty has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Hagerty will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Hagerty news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $8.92, for a total value of $73,545,400.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert I. Kauffman sold 1,455,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $8.92, for a total transaction of $12,978,600.00. Following the sale, the director directly owned 1,721,662 shares of the company's stock, valued at $15,357,225.04. The trade was a 45.80% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,883,245 shares of company stock valued at $107,220,042. 16.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hagerty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new stake in Hagerty during the 4th quarter valued at $230,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Hagerty by 7.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,205 shares of the company's stock worth $620,000 after acquiring an additional 4,575 shares during the period. Greenhaven Road Investment Management L.P. raised its stake in Hagerty by 10.1% during the first quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock worth $12,299,000 after acquiring an additional 124,336 shares in the last quarter. Garner Asset Management Corp acquired a new stake in Hagerty during the 1st quarter valued at $2,909,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Hagerty in the first quarter valued at approximately $93,000. 20.51% of the stock is owned by 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.