BMO Capital Markets Begins Coverage on Hagerty (NYSE:HGTY)

Key Points

• Hagerty has been upgraded to a "hold" rating by BMO Capital Markets, with a consensus price target of $13.20.
• The company's stock has shown volatility, currently trading down 3.7%, with a market cap of $4.19 billion and a P/E ratio of 61.25.
• Insider trading has been significant, with 11,912,567 shares sold by insiders in the last 90 days, indicating potential changes in investor confidence.

Analysts at BMO Capital Markets started coverage on shares of Hagerty (NYSE:HGTY - Get Free Report) in a research note issued on Monday, Marketbeat reports. The firm set a "market perform" rating and a $13.00 price target on the stock. BMO Capital Markets' target price would indicate a potential upside of 6.12% from the stock's previous close.

A number of other research firms also recently commented on HGTY. Evercore ISI began coverage on Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price objective on the stock. Keefe, Bruyette & Woods started coverage on shares of Hagerty in a report on Wednesday, August 27th. They issued an "outperform" rating and a $14.00 price target on the stock. Finally, Oppenheimer initiated coverage on shares of Hagerty in a research note on Wednesday, September 17th. They set an "outperform" rating and a $15.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.20.

Hagerty Stock Performance

NYSE:HGTY opened at $12.25 on Monday. The company has a market cap of $4.19 billion, a P/E ratio of 61.25 and a beta of 0.91. The firm's 50 day moving average is $11.14 and its two-hundred day moving average is $9.99. Hagerty has a fifty-two week low of $8.03 and a fifty-two week high of $13.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27.

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

Insider Transactions at Hagerty

In other news, Director Robert I. Kauffman sold 17,622 shares of Hagerty stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $12.46, for a total value of $219,570.12. Following the completion of the transaction, the director owned 1,221,389 shares in the company, valued at approximately $15,218,506.94. This trade represents a 1.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 11,912,567 shares of company stock worth $107,437,585 in the last 90 days. Corporate insiders own 16.70% of the company's stock.

Hedge Funds Weigh In On Hagerty

A number of hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc acquired a new stake in shares of Hagerty during the second quarter worth $30,000. Osaic Holdings Inc. boosted its holdings in shares of Hagerty by 2,374.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,949 shares of the company's stock valued at $50,000 after buying an additional 4,749 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Hagerty in the 4th quarter worth approximately $84,000. Bank of America Corp DE lifted 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 purchasing an additional 2,726 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Hagerty during the 1st quarter worth $93,000. 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.