Hagerty (NYSE:HGTY) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Hagerty (NYSE:HGTY) had its target price lifted by research analysts at Keefe, Bruyette & Woods from $14.00 to $15.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 24.81% from the company’s current price.

HGTY has been the subject of several other research reports. Wells Fargo & Company cut their price target on Hagerty from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Truist Financial cut their price objective on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, May 11th. Weiss Ratings upgraded shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 17th. UBS Group set a $14.00 price target on shares of Hagerty in a report on Wednesday, June 10th. Finally, Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a report on Saturday. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Hagerty has an average rating of “Hold” and an average price target of $13.44.

Hagerty Price Performance

NYSE HGTY traded down $0.13 during mid-day trading on Wednesday, hitting $12.02. The stock had a trading volume of 27,306 shares, compared to its average volume of 156,013. The firm’s 50 day moving average is $10.80 and its 200 day moving average is $11.41. Hagerty has a twelve month low of $8.81 and a twelve month high of $14.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.65 and a quick ratio of 1.65. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 59.92 and a beta of 0.79.

Hagerty (NYSE:HGTY) last announced its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.05). The business had revenue of $311.83 million for the quarter, compared to analyst estimates of $284.88 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%. Equities research analysts forecast that Hagerty will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Kevin M. Delaney sold 9,440 shares of Hagerty stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.10, for a total value of $114,224.00. Following the completion of the sale, the chief accounting officer directly owned 89,610 shares of the company’s stock, valued at approximately $1,084,281. The trade was a 9.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,458 shares of company stock worth $163,227 in the last 90 days. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hagerty

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Hagerty by 3.1% during the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after purchasing an additional 1,209 shares during the period. EverSource Wealth Advisors LLC increased its stake 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 buying an additional 1,591 shares during the period. Swiss National Bank lifted its holdings in Hagerty by 3.4% during the 4th quarter. Swiss National Bank now owns 79,260 shares of the company’s stock worth $1,065,000 after buying an additional 2,600 shares in the last quarter. Bank of America Corp DE boosted its position in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after buying an additional 2,726 shares during the period. Finally, Trexquant Investment LP increased its position in shares of Hagerty by 2.6% during the fourth quarter. Trexquant Investment LP now owns 115,277 shares of the company’s stock worth $1,549,000 after acquiring an additional 2,872 shares during the period. 20.51% of the stock is currently owned by hedge funds and other institutional investors.

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.