Hagerty (NYSE:HGTY) Announces Quarterly Earnings Results

Hagerty (NYSE:HGTY) announced its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07, FiscalAI reports. Hagerty had a net margin of 5.11% and a return on equity of 11.94%. The firm had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million.

Here are the key takeaways from Hagerty’s conference call:

• Hagerty raised its 2026 outlook, now expecting written premium growth of 16%–17%, GAAP net income of $18 million–$30 million, and adjusted EBITDA of $270 million–$280 million, citing strong first-half momentum and better cost flow-through.
• First-half written premium rose 19%, adjusted EBITDA increased 32% to $160 million, and the company added a record 279,000 members while surpassing 3 million insured vehicles. State Farm conversions and new business contributed significantly, with the State Farm transition still expected to run through 2028.
• Hagerty reported an 88% first-half combined ratio and highlighted continued expansion through State Farm, Progressive, Liberty Mutual, independent agents, and its Enthusiast Plus program. Marketplace sales grew 17% to $65 million, led by a 74% increase in Broad Arrow auction sales.
• Reported GAAP revenue declined 6% and first-half GAAP net loss was $5 million because of accounting effects from the new Markel fronting arrangement and deferred acquisition-cost timing. Management expects these transition effects to diminish by year-end, with a cleaner, normalized P&L in 2027.
• Retention declined modestly to 88%, primarily reflecting a slight deterioration in the core book, although management said it remains within historical ranges. Hagerty also said shareholder capital returns are not a near-term priority, favoring reinvestment and selective acquisitions such as the recently announced Bennetts purchase.

Hagerty Stock Performance

NYSE HGTY traded up $1.99 on Wednesday, hitting $13.71. 326,184 shares of the stock were exchanged, compared to its average volume of 153,354. The company has a market capitalization of $4.71 billion, a PE ratio of 67.70 and a beta of 0.79. 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 business’s fifty day moving average is $11.37 and its 200 day moving average is $11.23. Hagerty has a 52 week low of $8.81 and a 52 week high of $14.00.

Insider Buying and Selling at Hagerty

In related news, CAO Kevin M. Delaney sold 9,440 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were 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 in the company, valued at approximately $1,084,281. This trade represents a 9.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 13,458 shares of company stock worth $163,227. 3.70% of the stock is owned by insiders.

Institutional Trading of Hagerty

A number of hedge funds have recently made changes to their positions in HGTY. Occudo Quantitative Strategies LP bought a new position in shares of Hagerty during the 4th quarter worth approximately $170,000. Millennium Management LLC acquired a new stake in Hagerty during the 4th quarter valued at $353,000. Schonfeld Strategic Advisors LLC boosted its position in Hagerty by 107.0% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 26,718 shares of the company’s stock worth $359,000 after purchasing an additional 13,808 shares during the period. Gillson Capital LP increased its holdings in shares of Hagerty by 15.4% in the fourth quarter. Gillson Capital LP now owns 202,012 shares of the company’s stock valued at $2,715,000 after purchasing an additional 27,012 shares during the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of Hagerty in the fourth quarter valued at about $315,000. 20.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HGTY has been the subject of several recent research reports. 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. Truist Financial lowered their price objective on shares of Hagerty from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, May 11th. Wells Fargo & Company boosted their price objective on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.67.

Hagerty Company Profile

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.