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

Hagerty (NYSE:HGTY) had its price objective increased by JPMorgan Chase & Co. from $9.50 to $11.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Hagerty Stock Performance

Shares of Hagerty stock opened at $10.97 on Thursday. Hagerty has a 52 week low of $7.52 and a 52 week high of $11.47. The business’s fifty day simple moving average is $9.85 and its 200-day simple moving average is $8.97. The firm has a market cap of $3.69 billion, a PE ratio of 182.86 and a beta of 0.80. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.22.

Hagerty (NYSE:HGTY) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.04 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $264.32 million. Equities analysts forecast that Hagerty will post 0.23 earnings per share for the current year.

Insider Activity at Hagerty

In related news, Director Robert I. Kauffman sold 40,908 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $10.13, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Hagerty news, Director Robert I. Kauffman sold 3,291 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $9.04, for a total transaction of $29,750.64. Following the sale, the director now owns 3,415,676 shares in the company, valued at approximately $30,877,711.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert I. Kauffman sold 40,908 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $10.13, for a total value 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 90 days, insiders have sold 236,743 shares of company stock worth $2,406,800. 17.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hagerty

Large investors have recently bought and sold shares of the stock. Confluence Investment Management LLC purchased a new stake in Hagerty during the 1st quarter worth about $3,473,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Hagerty during the 4th quarter worth about $132,000. GABELLI & Co INVESTMENT ADVISERS INC. boosted its position in shares of Hagerty by 34.7% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 103,300 shares of the company’s stock worth $806,000 after acquiring an additional 26,600 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of Hagerty during the 4th quarter worth about $57,000. Finally, Fenimore Asset Management Inc. boosted its position in shares of Hagerty by 0.8% during the 4th quarter. Fenimore Asset Management Inc. now owns 945,286 shares of the company’s stock worth $7,373,000 after acquiring an additional 7,600 shares in the last quarter. 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.