Hagerty (NYSE:HGTY) Given New $12.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for Hagerty (NYSE:HGTY) from $11.00 to $12.00 while maintaining a "neutral" rating on the stock, indicating a potential downside of 0.33% from the current price.
• Hagerty's stock has received various ratings, with four analysts recommending a "Buy," four a "Hold," and one a "Sell," resulting in a consensus target price of $13.88.
• The company's recent performance shows a revenue of $368.70 million for the quarter, exceeding expectations and a net margin of 4.88%, contributing to a positive outlook for fiscal year 2025.

Hagerty (NYSE:HGTY - Get Free Report) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $11.00 to $12.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential downside of 0.33% from the company's current price.

HGTY has been the topic of several other research reports. Oppenheimer initiated coverage on shares of Hagerty in a research report on Wednesday, September 17th. They set an "outperform" rating and a $15.00 price target on the stock. Wells Fargo & Company assumed coverage on Hagerty in a research report on Friday, October 3rd. They set an "equal weight" rating and a $13.00 price objective for the company. Evercore ISI began coverage on shares of Hagerty in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 target price on the stock. Citizens Jmp began coverage on shares of Hagerty in a report on Wednesday, October 1st. They set a "mkt outperform" rating and a $15.00 target price for the company. Finally, JMP Securities started coverage on Hagerty in a research note on Wednesday, October 1st. They set a "market outperform" rating and a $15.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Hagerty has a consensus rating of "Hold" and a consensus target price of $13.88.

Hagerty Price Performance

HGTY stock traded down $0.07 during midday trading on Thursday, reaching $12.04. The company had a trading volume of 6,437 shares, compared to its average volume of 109,166. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. Hagerty has a 1 year low of $8.03 and a 1 year high of $13.32. The company has a market capitalization of $4.12 billion, a P/E ratio of 60.25 and a beta of 0.92. The firm has a 50-day moving average price of $11.58 and a 200-day moving average price of $10.21.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. Hagerty had a net margin of 4.88% and a return on equity of 13.76%. The company had revenue of $368.70 million during the quarter, compared to analysts' expectations of $347.15 million. 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 Transactions at Hagerty

In other news, Director Robert I. Kauffman sold 3,024 shares of the company's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $12.01, for a total transaction of $36,318.24. Following the completion of the sale, the director directly owned 1,108,539 shares in the company, valued at approximately $13,313,553.39. This represents a 0.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 11,796,164 shares of company stock valued at $106,488,789. Insiders own 16.70% of the company's stock.

Institutional Investors Weigh In On Hagerty

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. boosted its position 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 valued at $50,000 after purchasing an additional 4,749 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Hagerty by 1.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 5,557,427 shares of the company's stock valued at $56,186,000 after purchasing an additional 88,634 shares in the last quarter. Bank of America Corp DE boosted its holdings in Hagerty by 46.6% in the second 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 in the last quarter. Marshall Wace LLP boosted its holdings in Hagerty by 37.2% in the second quarter. Marshall Wace LLP now owns 22,405 shares of the company's stock worth $227,000 after acquiring an additional 6,072 shares in the last quarter. Finally, Greenhaven Road Investment Management L.P. boosted its holdings in Hagerty by 33.2% in the second quarter. Greenhaven Road Investment Management L.P. now owns 1,811,539 shares of the company's stock worth $18,315,000 after acquiring an additional 451,033 shares in 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.

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