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Confluence Investment Management LLC Reduces Stake in Hagerty, Inc.: Insights into Market Trends and Investor Actions

Confluence Investment Management LLC, a prominent investment management firm, has reduced its stake in Hagerty, Inc. by 6.0% during the second quarter of this year. This information was disclosed in the company’s recent Form 13F filing with the Securities and Exchange Commission (SEC). It is reported that Confluence Investment Management LLC now owns 475,794 shares of Hagerty’s stock after selling 30,634 shares during the aforementioned quarter. Based on the most recent filing with the SEC, Confluence Investment Management LLC holds approximately 0.14% ownership of Hagerty, amounting to a value of $4,453,000.

Hagerty, Inc., a globally recognized insurance agency service provider, offers a wide range of insurance products for motor vehicles and boats as well as reinsurance products. In addition to their insurance services, Hagerty also operates an entity known as Hagerty Media which engages in content publishing through its arm called Hagerty Drivers Club Magazine (HDC), where they provide articles and features related to automotive interests. Moreover, HDC offers subscription-based products such as HDC Magazine and organizes automotive enthusiast events for its members. They also offer proprietary valuation tools for vehicles along with emergency roadside services and vehicle-related discounts.

Meanwhile, Laurie Harris, a director at Hagerty, recently conducted a sale transaction involving 3,900 shares of the company’s stock on June 22nd at an average price of $9.39 per share. The total value of this transaction came to $36,621. Following this sale, Laurie Harris now holds 14,738 shares in the company worth approximately $138,389.82 according to available records. It is worth noting that this sale was duly reported and disclosed in a document filed by Hagerty with the Securities & Exchange Commission and can be accessed on their official website.

Regarding insider ownership within the company itself, it is specified that around 17.90% of Hagerty’s stock is currently owned by insiders, further emphasizing the level of involvement and commitment from within.

As the investment landscape continues to evolve, it is essential to keep track of the movements and actions of significant players such as Confluence Investment Management LLC in order to gain a deeper understanding of the overall market sentiment. The reduction of their position in Hagerty, Inc. signifies a change in their portfolio strategy and could potentially indicate insights into future market trends. Investors and industry observers may find value in monitoring such developments as they navigate the world of investments with prudence and diligence.

It is important to note that the cited information from September 15, 2023, is accurate as per the available public records at that time. As new announcements and disclosures unfold, this article may become outdated or subject to change. Therefore, it is advised to reference the latest filings and announcements from reputable sources for up-to-date information on Confluence Investment Management LLC’s position and other related matters concerning Hagerty, Inc.

Hagerty, Inc.



Updated on: 16/09/2023

Price Target

Current $8.18

Concensus $0.00

Low $0.00

Median $0.00

High $0.00

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Hagerty, Inc.: A Reputable Global Insurance Agency Thriving in the Industry

Hagerty, Inc. is a global insurance agency that specializes in providing motor vehicle and boat insurance products, as well as reinsurance products. The company also offers a range of other services through its subsidiaries, such as publishing content through the Hagerty Drivers Club Magazine (HDC), hosting automotive enthusiast events, and providing vehicle valuation tools and emergency roadside services.

Recently, several hedge funds and institutional investors have made changes to their holdings of Hagerty’s stock. JPMorgan Chase & Co., for example, purchased a new stake in the company during the second quarter valued at approximately $119,000. Tower Research Capital LLC TRC also acquired a new stake worth around $88,000 in the third quarter, while Legal & General Group Plc invested about $71,000 in Hagerty in the second quarter. Bank of America Corp DE increased its position by 218.2% during the first quarter and now owns 7,102 shares worth $62,000 after acquiring an additional 4,870 shares last quarter. Furthermore, Citigroup Inc. added a fresh stake in the first quarter estimated to be worth $61,000. In total, institutional investors and hedge funds currently own 20.79% of Hagerty’s stock.

As of Friday’s opening price at $8.29 per share, HGTY has experienced lows of $7.72 and highs of $11.31 over the past year. With a market capitalization of $2.78 billion and a P/E ratio of 829.00 along with a beta value of 0.70 – indicating relatively low volatility compared to the overall market – Hagerty remains stable within its industry.

In terms of financial liquidity ratios, the company boasts a current ratio of 1.39 and a quick ratio also at 1.39 – indicating healthy levels to cover short-term obligations efficiently without relying on inventory liquidation or debt financing. Additionally, its debt-to-equity ratio stands at 0.21, suggesting a conservative capital structure.

Hagerty has built its reputation by providing reliable insurance agency services worldwide, focusing on protecting motor vehicles and boats. Alongside its insurance offerings, the company has expanded into publishing through its Hagerty Drivers Club Magazine, which provides various contents related to automotive enthusiasm. They have also ventured into video content and social media channels as part of their expanded media division.

Through their subscription-based product and service platform called HDC, Hagerty offers customers access to HDC Magazine, specialized vehicle valuation tools called HVT, emergency roadside services, exclusive discounts related to vehicles, and automotive enthusiast events.

In terms of analyst coverage, Truist Financial initiated coverage on Hagerty shares in a research report released on June 16th. Giving the stock a “hold” rating and setting a price target of $11.00 per share.

In conclusion, Hagerty Inc. has established itself as a reputable global insurance agency that specializes in protecting motor vehicles and boats. With recent investments from prominent hedge funds and institutional investors and a stable stock performance over the past year, the company continues to thrive in its industry. As they grow their media division and offer additional value-added services through subscriptions, Hagerty remains well-positioned for future success within the insurance marketplace.

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