Analysts Set Hagerty, Inc. (NYSE:HGTY) Price Target at $14.00

Hagerty, Inc. (NYSE:HGTY) has been given a consensus rating of “Hold” by the ten analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $14.00.

HGTY has been the topic of several research analyst reports. Oppenheimer assumed coverage on Hagerty in a research note on Wednesday, September 17th. They issued an “outperform” rating and a $15.00 price objective on the stock. Citizens Jmp assumed coverage on Hagerty in a research note on Wednesday, October 1st. They issued a “mkt outperform” rating and a $15.00 price target on the stock. Citigroup began coverage on Hagerty in a report on Wednesday, October 1st. They set an “outperform” rating for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Hagerty in a report on Monday, December 1st. Finally, Evercore ISI initiated coverage on shares of Hagerty in a research report on Wednesday, August 27th. They issued an “outperform” rating and a $14.00 price objective on the stock.

Hagerty Price Performance

Shares of NYSE HGTY opened at $12.41 on Friday. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of 44.32 and a beta of 0.89. Hagerty has a fifty-two week low of $8.03 and a fifty-two week high of $13.86. The business has a 50-day moving average of $12.26 and a 200-day moving average of $11.23. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.00 and a quick ratio of 1.00.

Hagerty (NYSE:HGTY) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.09 by $0.04. Hagerty had a return on equity of 16.85% and a net margin of 5.85%.The company had revenue of $359.01 million during the quarter, compared to the consensus estimate of $354.36 million. As a group, sell-side analysts predict that Hagerty will post 0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hagerty news, Director Robert I. Kauffman sold 55,524 shares of the firm’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $12.16, for a total transaction of $675,171.84. Following the completion of the sale, the director directly owned 1,023,525 shares in the company, valued at $12,446,064. This trade represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 352,347 shares of company stock valued at $4,185,001. 16.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc acquired a new stake in shares of Hagerty in the 2nd quarter valued at $30,000. Osaic Holdings Inc. lifted its position 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 worth $50,000 after buying an additional 4,749 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after buying an additional 3,197 shares in the last quarter. Bank of America Corp DE boosted its stake in Hagerty by 46.6% in 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 in the last quarter. Finally, KLP Kapitalforvaltning AS grew its position in Hagerty by 228.1% in the second quarter. KLP Kapitalforvaltning AS now owns 10,500 shares of the company’s stock valued at $106,000 after acquiring an additional 7,300 shares during the last quarter. Institutional investors and hedge funds own 20.51% of the company’s stock.

Hagerty Company Profile

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.