Keefe, Bruyette & Woods Increases Hagerty (NYSE:HGTY) Price Target to $16.00

Key Points

• Keefe, Bruyette & Woods raised Hagerty’s price target from $15 to $16 while maintaining an “outperform” rating, implying 21.49% upside from the prior close.
• Analyst sentiment remains mixed: four analysts rate Hagerty a Buy and five rate it a Hold, producing a consensus “Hold” rating and an average price target of $14.
• Hagerty beat quarterly expectations, reporting a loss of $0.02 per share versus the expected $0.09 loss and revenue of $354.82 million versus the $316.21 million estimate.

Hagerty (NYSE:HGTY - Get Free Report) had its price target upped by Keefe, Bruyette & Woods from $15.00 to $16.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 21.49% from the company's previous close.

A number of other analysts have also issued reports on the company. Wall Street Zen raised Hagerty from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. UBS Group set a $14.00 price target on Hagerty in a research report on Wednesday, June 10th. Wells Fargo & Company lifted their price objective on Hagerty from $11.00 to $13.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Truist Financial boosted their price objective on Hagerty from $11.00 to $13.00 and gave the company a "hold" rating in a report on Friday. Finally, Weiss Ratings raised Hagerty from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, June 17th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Hagerty has a consensus rating of "Hold" and an average target price of $14.00.

Hagerty Trading Down 3.2%

NYSE HGTY opened at $13.17 on Tuesday. The firm's 50-day moving average is $11.63 and its two-hundred day moving average is $11.25. Hagerty has a 12 month low of $9.36 and a 12 month high of $14.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.53 and a quick ratio of 1.53. The stock has a market capitalization of $4.52 billion, a P/E ratio of 146.33 and a beta of 0.79.

Hagerty (NYSE:HGTY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.07. The business had revenue of $354.82 million during the quarter, compared to analysts' expectations of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. On average, sell-side analysts anticipate that Hagerty will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other Hagerty news, CAO Kevin M. Delaney sold 9,440 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total transaction of $114,224.00. Following the sale, the chief accounting officer owned 89,610 shares in the company, valued at $1,084,281. This represents a 9.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 13,458 shares of company stock worth $163,227. Insiders own 3.70% of the company's stock.

Institutional Trading of Hagerty

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in Hagerty by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company's stock worth $32,000 after acquiring an additional 1,591 shares in the last quarter. Osaic Holdings Inc. lifted 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 worth $50,000 after purchasing an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Hagerty by 165.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company's stock worth $62,000 after purchasing an additional 3,197 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Hagerty by 46.6% during the second 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 in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Hagerty during the fourth quarter worth $98,000. Institutional investors and hedge funds own 20.51% of the company's stock.

About Hagerty

Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.

Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.

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