JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Hagerty (NYSE:HGTY) Stock

Hagerty (NYSE:HGTY) had its price target upped by research analysts at JPMorgan Chase & Co. from $12.00 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 4.07% from the company’s previous close.

Several other analysts also recently weighed in on HGTY. UBS Group set a $14.00 price objective on Hagerty in a research report on Wednesday, June 10th. Truist Financial lowered their target price on Hagerty from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Monday, May 11th. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Keefe, Bruyette & Woods raised their price target on shares of Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company boosted their target price 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. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $13.67.

Hagerty Stock Up 2.1%

Shares of HGTY opened at $12.49 on Tuesday. Hagerty has a one year low of $8.81 and a one year high of $14.00. The company has a market cap of $4.29 billion, a P/E ratio of 62.46 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 firm has a 50 day simple moving average of $10.95 and a two-hundred day simple moving average of $11.39.

Hagerty (NYSE:HGTY) last released its earnings results on Wednesday, May 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.05). The business had revenue of $311.83 million for the quarter, compared to the consensus estimate of $284.88 million. Hagerty had a return on equity of 11.94% and a net margin of 5.11%. Research analysts forecast that Hagerty will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Hagerty

In other news, CAO Kevin M. Delaney sold 3,113 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $12.25, for a total value of $38,134.25. Following the completion of the transaction, the chief accounting officer owned 83,972 shares of the company’s stock, valued at $1,028,657. This represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,458 shares of company stock worth $163,227 in the last quarter. Insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Hagerty

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its position in Hagerty by 107.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,072 shares of the company’s stock valued at $32,000 after acquiring an additional 1,591 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Hagerty by 2,374.5% during the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock worth $50,000 after purchasing an additional 4,749 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Hagerty by 165.3% in the third quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock worth $62,000 after purchasing an additional 3,197 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Hagerty during the fourth quarter valued at $98,000. 20.51% of the stock is owned by institutional investors.

About Hagerty

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.