Hagerty (NYSE:HGTY) Stock Price Expected to Rise, Truist Financial Analyst Says

Hagerty (NYSE:HGTY) had its price target increased by equities researchers at Truist Financial from $11.00 to $13.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential downside of 3.14% from the stock’s previous close.

HGTY has been the topic of several other research reports. 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 note on Thursday, July 9th. UBS Group set a $14.00 target price on shares of Hagerty in a report on Wednesday, June 10th. Weiss Ratings raised Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 17th. Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Finally, JPMorgan Chase & Co. raised their price objective on Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.89.

Hagerty Stock Down 0.5%

Shares of NYSE HGTY opened at $13.42 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.35. Hagerty has a 12 month low of $9.36 and a 12 month high of $14.00. The firm has a market capitalization of $4.61 billion, a PE ratio of 148.78 and a beta of 0.79. The firm has a fifty day simple moving average of $11.50 and a two-hundred day simple moving average of $11.24.

Hagerty (NYSE:HGTY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.07. Hagerty had a return on equity of 5.16% and a net margin of 1.81%.The business had revenue of $354.82 million during the quarter, compared to analyst estimates of $316.21 million. Equities analysts expect that Hagerty will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In other Hagerty news, CAO Kevin M. Delaney sold 3,113 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $12.25, for a total transaction of $38,134.25. Following the completion of the sale, the chief accounting officer directly owned 83,972 shares in the company, valued at approximately $1,028,657. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 13,458 shares of company stock worth $163,227. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hagerty

Several large investors have recently bought and sold shares of HGTY. Goldman Sachs Group Inc. lifted its position 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 purchasing an additional 7,459 shares during the period. Geode Capital Management LLC raised its stake in Hagerty by 2.0% during the 2nd 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. Marshall Wace LLP raised its stake in Hagerty by 37.2% during the 2nd 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. Bank of America Corp DE lifted its holdings in shares of Hagerty by 46.6% during 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, Osaic Holdings Inc. lifted its holdings 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 valued at $50,000 after buying an additional 4,749 shares during the period. 20.51% of the stock is currently owned by institutional investors.

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.