JPMorgan Chase & Co. Raises Hagerty (NYSE:HGTY) Price Target to $11.00

Hagerty (NYSE:HGTY) had its price target raised by JPMorgan Chase & Co. from $9.50 to $11.00 in a research report sent to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Hagerty Stock Performance

HGTY stock opened at $10.97 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.47 and a quick ratio of 1.47. Hagerty has a 1 year low of $7.52 and a 1 year high of $11.47. The company has a market cap of $3.69 billion, a P/E ratio of 182.86 and a beta of 0.80. The stock’s fifty day moving average price is $9.85 and its 200-day moving average price is $8.96.

Hagerty (NYSE:HGTY) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Hagerty had a return on equity of 6.35% and a net margin of 1.82%. The business had revenue of $271.71 million during the quarter, compared to the consensus estimate of $264.32 million. On average, equities analysts forecast that Hagerty will post 0.21 earnings per share for the current year.

Insider Activity at Hagerty

In other Hagerty news, Director Robert I. Kauffman sold 13,324 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $11.14, for a total value of $148,429.36. Following the completion of the sale, the director now owns 5,506,600 shares in the company, valued at approximately $61,343,524. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Hagerty news, Director Robert I. Kauffman sold 13,324 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $11.14, for a total value of $148,429.36. Following the completion of the transaction, the director now directly owns 5,506,600 shares in the company, valued at approximately $61,343,524. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert I. Kauffman sold 40,908 shares of Hagerty stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $10.13, for a total transaction of $414,398.04. Following the sale, the director now owns 3,074,333 shares in the company, valued at approximately $31,142,993.29. The disclosure for this sale can be found here. In the last quarter, insiders have sold 240,208 shares of company stock worth $2,438,055. 17.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Hagerty by 1.1% during the first quarter. Vanguard Group Inc. now owns 2,028,292 shares of the company’s stock valued at $18,559,000 after buying an additional 21,331 shares during the last quarter. Meixler Investment Management Ltd. increased its position in Hagerty by 21.2% in the first quarter. Meixler Investment Management Ltd. now owns 24,325 shares of the company’s stock worth $223,000 after purchasing an additional 4,250 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in Hagerty during the first quarter valued at $3,473,000. GABELLI & Co INVESTMENT ADVISERS INC. lifted its position in Hagerty by 34.7% during the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 103,300 shares of the company’s stock valued at $806,000 after purchasing an additional 26,600 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Hagerty in the 4th quarter worth $132,000. Hedge funds and other institutional investors 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.