Hagerty (NYSE:HGTY) has received a downgrade from Wall Street Zen, which lowered its rating from “buy” to “hold” in a research note released on November 4, 2023. This decision comes amidst a broader analysis by various financial institutions assessing the company’s stock performance.
Several other research firms have also recently issued evaluations of Hagerty. For instance, Weiss Ratings reaffirmed a “hold (C+)” rating on the stock. Additionally, JMP Securities initiated coverage on October 1, 2023, assigning a “market outperform” rating and a target price of $15.00. Citizens JMP, also on the same date, echoed this sentiment with a “market outperform” rating and the same price target.
On October 9, 2023, JPMorgan Chase & Co. raised its price target for Hagerty from $11.00 to $12.00, maintaining a “neutral” rating. BMO Capital Markets began coverage on September 22, 2023, setting a “market perform” rating with a price objective of $13.00.
Currently, five analysts have rated Hagerty as a buy, while four have issued hold ratings, and one has given it a sell rating. According to MarketBeat, the stock has an average rating of “hold” and a consensus target price of $14.00.
Recent Earnings and Insider Activity
Hagerty’s latest quarterly earnings report, released on November 4, 2023, indicated an earnings per share (EPS) of $0.13, exceeding analysts’ expectations of $0.09 by $0.04. The company reported revenues of $359.01 million, surpassing the analyst estimates of $354.36 million. Hagerty also recorded a return on equity of 16.85% and a net margin of 5.85%. Looking ahead, the firm has set its fiscal year 2025 guidance at EPS of $0.22.
In related news, Hagerty’s Director, Robert I. Kauffman, sold 55,524 shares of the company on October 14, 2023. The shares were sold at an average price of $12.16, resulting in a total transaction value of $675,171.84. Following this sale, Kauffman owns 1,023,525 shares, valued at approximately $12,446,064, reflecting a 5.15% decrease in ownership. The transaction was disclosed in a document filed with the Securities and Exchange Commission.
Over the past quarter, insiders have sold a total of 465,384 shares, amounting to about $5,471,845. Insiders currently hold 16.70% of the company’s stock.
Institutional Investors’ Movements
Recent activity among institutional investors shows a significant interest in Hagerty. Bank of America Corp DE increased its stake in the company by 46.6% during the second quarter, now owning 8,571 shares valued at $87,000 after acquiring an additional 2,726 shares. Similarly, IFP Advisors Inc acquired new shares valued at approximately $30,000 during the same period.
BNP Paribas Financial Markets grew its holdings by 165.3% in the third quarter, now owning 5,131 shares valued at $62,000 after purchasing an additional 3,197 shares. Osaic Holdings Inc. notably expanded its holdings by an impressive 2,374.5% during the second quarter, acquiring 4,749 shares valued at $50,000.
Lastly, Geode Capital Management LLC increased its position in Hagerty by 2.0%, now holding 254,634 shares worth $2,576,000 after adding 5,077 shares in the last quarter. Overall, institutional investors and hedge funds currently own 20.51% of Hagerty’s stock.
Hagerty, Inc. specializes in providing insurance agency services globally, focusing on motor vehicle and boat insurance products. The company also offers Hagerty Media, which includes the Hagerty Drivers Club Magazine, video content, and various services for automotive enthusiasts.
