Hagerty (NYSE:HGTY) Announces Quarterly Earnings Results

Hagerty (NYSE:HGTY) posted its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07, FiscalAI reports. Hagerty had a return on equity of 11.94% and a net margin of 5.11%.The company had revenue of $354.82 million for the quarter, compared to analyst estimates of $316.21 million.

Here are the key takeaways from Hagerty’s conference call:

• Hagerty raised its 2026 outlook, now expecting written premium growth of 16%–17%, GAAP net income of $18 million–$30 million, and adjusted EBITDA of $270 million–$280 million, citing strong first-half momentum and better cost flow-through.
• First-half written premium rose 19%, adjusted EBITDA increased 32% to $160 million, and the company added a record 279,000 members while surpassing 3 million insured vehicles. State Farm conversions and new business contributed significantly, with the State Farm transition still expected to run through 2028.
• Hagerty reported an 88% first-half combined ratio and highlighted continued expansion through State Farm, Progressive, Liberty Mutual, independent agents, and its Enthusiast Plus program. Marketplace sales grew 17% to $65 million, led by a 74% increase in Broad Arrow auction sales.
• Reported GAAP revenue declined 6% and first-half GAAP net loss was $5 million because of accounting effects from the new Markel fronting arrangement and deferred acquisition-cost timing. Management expects these transition effects to diminish by year-end, with a cleaner, normalized P&L in 2027.
• Retention declined modestly to 88%, primarily reflecting a slight deterioration in the core book, although management said it remains within historical ranges. Hagerty also said shareholder capital returns are not a near-term priority, favoring reinvestment and selective acquisitions such as the recently announced Bennetts purchase.

Hagerty Stock Up 14.5%

HGTY opened at $13.42 on Thursday. The business’s 50-day simple moving average is $11.44 and its 200-day simple moving average is $11.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.65 and a current ratio of 1.65. Hagerty has a one year low of $8.81 and a one year high of $14.00. The stock has a market capitalization of $4.61 billion, a P/E ratio of 67.10 and a beta of 0.79.

Insider Activity

In related news, CAO Kevin M. Delaney sold 3,113 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $12.25, for a total value of $38,134.25. Following the completion of the sale, the chief accounting officer directly owned 83,972 shares of the company’s stock, valued at $1,028,657. This represents a 3.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 13,458 shares of company stock valued at $163,227. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hagerty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its holdings in shares of Hagerty by 2,374.5% in the second quarter. Osaic Holdings Inc. now owns 4,949 shares of the company’s stock valued at $50,000 after acquiring an additional 4,749 shares during the period. BNP Paribas Financial Markets raised its position in Hagerty by 165.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,131 shares of the company’s stock valued at $62,000 after purchasing an additional 3,197 shares during the last quarter. Bank of America Corp DE raised its position in Hagerty by 46.6% in the 2nd quarter. Bank of America Corp DE now owns 8,571 shares of the company’s stock valued at $87,000 after purchasing an additional 2,726 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Hagerty during the 4th quarter worth $98,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Hagerty during the 3rd quarter worth $155,000. Hedge funds and other institutional investors own 20.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on HGTY shares. Keefe, Bruyette & Woods lifted their price target on shares of Hagerty from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. raised their price objective on shares of Hagerty from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Wall Street Zen raised shares of Hagerty from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Wells Fargo & Company boosted their target price on shares of Hagerty from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings raised Hagerty from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 17th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.67.

Key Stories Impacting Hagerty

Here are the key news stories impacting Hagerty this week:

• Positive Sentiment: 2026 outlook increased: Hagerty raised its written premium growth forecast to 16%–17%, while projecting net income of $18 million–$30 million and Adjusted EBITDA of $270 million–$280 million. Hagerty outlines 2026 adjusted EBITDA and written premium outlook
• Positive Sentiment: Second-quarter results beat expectations: Hagerty reported a loss of $0.02 per share, better than the consensus loss estimates of approximately $0.08–$0.09, while revenue of $354.8 million exceeded the $316.2 million analyst estimate. Hagerty reports Q2 loss but tops revenue estimates
• Positive Sentiment: Underlying operating momentum was strong: First-half written premium rose 19% year over year to $713 million, policy-in-force membership increased 19% to 1.9 million, and earned premium climbed 42% to $492 million. Adjusted EBITDA rose 32% to $160 million, while operating cash flow increased 91% to $186 million. Hagerty reports second-quarter 2026 results
• Neutral Sentiment: Revenue guidance is broadly in line with expectations: Full-year revenue guidance of approximately $1.3 billion does not appear to provide a major estimate surprise, but it reinforces the company’s scale and growth outlook.
• Negative Sentiment: Reported profitability was affected by transition costs: Hagerty recorded a first-half net loss of $5 million, including $153 million in pre-tax transitional costs related to the Markel fronting arrangement. This compares with net income of $74 million in the prior-year period and may temper enthusiasm despite stronger adjusted results. Hagerty Q2 key metrics

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.