Auto insurer Hagerty falls as stockholder offloads in boosted $148.5 mln secondary offering

JPMorgan Chase & Co.

Wed 13:03

** Specialty vehicle insurance provider Hagerty Inc's HGTY.N shares down 8.5% to $15.50 premarket on Weds after pricing of secondary offering
** Co late Tues announced 10 mln shares offloaded by Hagerty Holding Corp (HHC) at $14.85 for about $148.5 mln
** Offering size boosted from 9 mln shares and priced at 12.3% discount to stock's last sale
** HHC to use net offering proceeds to redeem, for benefit of the Kim Hagerty Revocable Trust, a corresponding number of its HHC shares
** JP Morgan and Wells Fargo lead bookrunners for offering, among others
** Traverse City, Michigan-based provider of insurance coverage for classic cars, boats and motorcycles has ~343.7 mln shares outstanding
** In Sept, HHC reduced its holdings in secondary offering priced at $11.95
** At Tues close, HGTY shares up 26% YTD
** Avg rating of 9 analysts is "hold"; median PT $18, per LSEG
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com ))