Hagerty (NYSE:HGTY) Rating Increased to Moderate Buy at Keefe, Bruyette & Woods

Key Points

• Hagerty's stock rating has been upgraded to a "moderate buy" by Keefe, Bruyette & Woods, reflecting positive analyst sentiment.
• Evercore ISI has initiated coverage on Hagerty with an "outperform" rating and a price target of $14.00.
• Hagerty has reported quarterly earnings surpassing estimates, with earnings per share of $0.13 and revenue of $368.70 million, indicating strong financial performance.

Hagerty (NYSE:HGTY - Get Free Report) was upgraded by Keefe, Bruyette & Woods to a "moderate buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Separately, Evercore ISI initiated 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. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $12.67.

Hagerty Price Performance

NYSE HGTY traded up $0.23 during trading on Tuesday, hitting $11.47. 189,565 shares of the company's stock were exchanged, compared to its average volume of 278,433. The company has a market cap of $3.92 billion, a PE ratio of 57.35 and a beta of 0.91. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. Hagerty has a fifty-two week low of $8.03 and a fifty-two week high of $12.11. The stock's 50 day moving average price is $10.46 and its two-hundred day moving average price is $9.74.

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

Insider Buying and Selling

In other news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the company'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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert I. Kauffman sold 1,455,000 shares of the stock in a transaction 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 owned 1,721,662 shares of the company's stock, valued at approximately $15,357,225.04. This trade represents a 45.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,970,904 shares of company stock worth $107,863,534 in the last 90 days. Corporate insiders own 16.70% of the company's stock.

Institutional Investors Weigh In On Hagerty

Several large investors have recently added to or reduced their stakes in HGTY. Raymond James Financial Inc. acquired a new position in Hagerty in the fourth quarter valued at approximately $879,000. Neuberger Berman Group LLC grew its position in shares of Hagerty by 15.7% during the 1st 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 period. Jane Street Group LLC acquired a new stake in shares of Hagerty during the 4th quarter worth approximately $230,000. Voya Investment Management LLC acquired a new stake in shares of Hagerty during the 4th quarter worth approximately $104,000. Finally, Greenhaven Road Investment Management L.P. increased its stake in shares of Hagerty by 10.1% in the 1st quarter. Greenhaven Road Investment Management L.P. now owns 1,360,506 shares of the company's stock valued at $12,299,000 after acquiring an additional 124,336 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.