Confluence Investment Management LLC Sells 36,450 Shares of Hagerty, Inc. $HGTY

Confluence Investment Management LLC trimmed its stake in Hagerty, Inc. (NYSE:HGTY) by 11.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 279,919 shares of the company’s stock after selling 36,450 shares during the period. Confluence Investment Management LLC’s holdings in Hagerty were worth $2,830,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in HGTY. Dimensional Fund Advisors LP raised its position in shares of Hagerty by 225.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 62,034 shares of the company’s stock worth $599,000 after acquiring an additional 42,967 shares in the last quarter. Jane Street Group LLC acquired a new position in Hagerty during the 4th quarter valued at about $230,000. BNP Paribas Financial Markets acquired a new position in Hagerty during the 4th quarter valued at about $84,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Hagerty by 7.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,205 shares of the company’s stock valued at $620,000 after buying an additional 4,575 shares in the last quarter. Finally, Garde Capital Inc. increased its position in Hagerty by 4.0% during the 4th quarter. Garde Capital Inc. now owns 103,960 shares of the company’s stock valued at $1,003,000 after buying an additional 3,960 shares in the last quarter. 20.51% of the stock is owned by institutional investors.

Hagerty Stock Up 0.2%

Shares of HGTY stock opened at $12.53 on Friday. The stock’s 50-day simple moving average is $10.83 and its 200-day simple moving average is $9.88. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market capitalization of $4.28 billion, a PE ratio of 62.63 and a beta of 0.91. Hagerty, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $12.75.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data 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 business had revenue of $368.70 million for the quarter, compared to analyst estimates 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. Equities analysts expect that Hagerty, Inc. will post 0.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HGTY. Keefe, Bruyette & Woods began coverage on Hagerty in a research report on Wednesday, August 27th. They set an “outperform” rating and a $14.00 target price on the stock. Evercore ISI began coverage on Hagerty in a research report on Wednesday, August 27th. They set an “outperform” rating and a $14.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.67.

Insider Transactions at Hagerty

In other news, Director Robert I. Kauffman sold 1,455,000 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $8.92, for a total value of $12,978,600.00. Following the sale, the director owned 1,721,662 shares in the company, valued at $15,357,225.04. This represents a 45.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $8.92, for a total value of $73,545,400.00. The disclosure for this sale can be found here. Insiders sold 11,953,079 shares of company stock worth $107,763,203 over the last three months. Corporate insiders own 16.70% 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.