Hagerty (NYSE:HGTY) Announces Earnings Results, Beats Expectations By $0.04 EPS

Hagerty (NYSE:HGTY) issued its quarterly earnings results on Tuesday. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.04, Zacks reports. The business had revenue of $359.01 million for the quarter, compared to analyst estimates of $354.36 million. Hagerty had a return on equity of 13.76% and a net margin of 4.88%. Hagerty updated its FY 2025 guidance to EPS.

Hagerty Price Performance

Shares of HGTY traded down $0.21 during midday trading on Tuesday, reaching $11.08. The stock had a trading volume of 51,999 shares, compared to its average volume of 109,590. The company’s 50-day moving average is $11.80 and its 200 day moving average is $10.57. Hagerty has a 12-month low of $8.03 and a 12-month high of $13.32. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 55.95 and a beta of 0.92.

Wall Street Analyst Weigh In

Several analysts have issued reports on HGTY shares. Weiss Ratings restated a “hold (c)” rating on shares of Hagerty in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on Hagerty from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. BMO Capital Markets started coverage on Hagerty in a research note on Monday, September 22nd. They issued a “market perform” rating and a $13.00 target price on the stock. Citizens Jmp started coverage on Hagerty in a research note on Wednesday, October 1st. They issued a “mkt outperform” rating and a $15.00 target price on the stock. Finally, Citigroup started coverage on Hagerty in a research note on Wednesday, October 1st. They issued an “outperform” rating on the stock. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.88.

Insider Transactions at Hagerty

In related news, major shareholder Holding Corp. Hagerty sold 8,245,000 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $8.92, for a total transaction of $73,545,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert I. Kauffman sold 1,455,000 shares of the stock in a transaction dated Monday, August 11th. The shares were 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 of the company’s stock, valued at $15,357,225.04. This represents a 45.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,633,821 shares of company stock valued at $105,120,074 over the last quarter. Company insiders own 16.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in HGTY. Marshall Wace LLP raised its stake in Hagerty by 37.2% during the second quarter. Marshall Wace LLP now owns 22,405 shares of the company’s stock valued at $227,000 after buying an additional 6,072 shares during the last quarter. Geode Capital Management LLC raised its stake in Hagerty by 2.0% during the second quarter. Geode Capital Management LLC now owns 254,634 shares of the company’s stock valued at $2,576,000 after buying an additional 5,077 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Hagerty by 24.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,383 shares of the company’s stock valued at $338,000 after buying an additional 7,459 shares during the last quarter. Bank of America Corp DE raised its stake in Hagerty by 46.6% during the second 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 last quarter. Finally, Osaic Holdings Inc. raised its stake in Hagerty by 2,374.5% during the second 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 last quarter. Hedge funds and other institutional investors 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.