Truist Financial Issues Positive Forecast for Hagerty (NYSE:HGTY) Stock Price

Hagerty (NYSE:HGTY) had its price objective upped by Truist Financial from $11.00 to $13.00 in a report issued on Friday,Benzinga reports. They currently have a hold rating on the stock.

A number of other research analysts also recently weighed in on HGTY. JPMorgan Chase & Co. upped their target price on Hagerty from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Weiss Ratings upgraded shares of Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods increased their price objective on Hagerty from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. UBS Group set a $14.00 target price on shares of Hagerty in a report on Wednesday, June 10th. Finally, Wall Street Zen upgraded Hagerty from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.89.

Hagerty Stock Performance

NYSE:HGTY opened at $13.54 on Friday. The firm has a market cap of $4.65 billion, a PE ratio of 150.50 and a beta of 0.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.65 and a current ratio of 1.53. The business has a 50 day moving average price of $11.57 and a 200-day moving average price of $11.25. Hagerty has a fifty-two week low of $9.36 and a fifty-two week high of $14.00.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. The business had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million. Hagerty had a net margin of 1.81% and a return on equity of 5.15%. Equities research analysts predict that Hagerty will post -0.1 earnings per share for the current year.

Insider Activity

In other Hagerty news, CAO Kevin M. Delaney sold 3,113 shares of Hagerty 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 sale, the chief accounting officer owned 83,972 shares of the company’s stock, valued at $1,028,657. The trade was a 3.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,458 shares of company stock valued at $163,227 over the last quarter. Insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HGTY. Bank of New York Mellon Corp lifted its position in Hagerty by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 39,730 shares of the company’s stock worth $418,000 after buying an additional 1,209 shares during the last quarter. EverSource Wealth Advisors LLC boosted 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 buying an additional 1,591 shares during the period. Swiss National Bank grew its stake in Hagerty by 3.4% in the fourth quarter. Swiss National Bank now owns 79,260 shares of the company’s stock worth $1,065,000 after purchasing an additional 2,600 shares in the last quarter. Bank of America Corp DE grew its position 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 worth $87,000 after buying an additional 2,726 shares in the last quarter. Finally, Trexquant Investment LP increased its position in Hagerty by 2.6% during the 4th quarter. Trexquant Investment LP now owns 115,277 shares of the company’s stock valued at $1,549,000 after purchasing an additional 2,872 shares during the period. Institutional investors own 20.51% of the company’s stock.

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.