Auto insurer Hagerty falls on planned secondary offering
BUZZ-Auto insurer Hagerty falls on planned secondary offering ** Specialty vehicle insurance provider Hagerty Inc's HGTY.N shares down 6.9% post-market at $12.35 after secondary offering news
** Michigan-based HGTY announces stockholder Hagerty Holding Corp (HHC) intends to offload 8.25 mln shares
** HHC to use net offering proceeds to effect a redemption, for the benefit of the Kim Hagerty Revocable Trust, of a corresponding number of its HHC shares
** Wells Fargo and JP Morgan lead bookrunners
** Provider of insurance coverage for collectible cars, boats and motorcycles has ~343.6 mln shares outstanding
** HGTY shares finished down 0.8% at $13.26. Stock up ~23% over the past three months, leaving it down 1.3% YTD
** Avg rating of 9 analysts is "hold"; median PT $15, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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