SCHEDULE 13G: Neuberger Berman Discloses 5.25% Passive Stake in Hagerty Inc. Class A Shares

Neuberger Berman Group LLC and its affiliate, Neuberger Berman Investment Advisers LLC, have disclosed a passive beneficial ownership of 5.25% in Hagerty Inc. Class A common stock as of December 31, 2024.

Summary

• Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC have filed a Schedule 13G, indicating beneficial ownership of Hagerty Inc. Class A common stock.
• As of December 31, 2024, the aggregate amount beneficially owned by the reporting persons is 4,725,196 shares.
• This represents 5.25% of the Class A common stock of Hagerty Inc.
• The filing indicates that the securities are held in the ordinary course of business and were not acquired or held for the purpose of changing or influencing the control of the issuer.
• Neuberger Berman Group LLC is identified as a parent holding company, and Neuberger Berman Investment Advisers LLC as an investment adviser.
• The reporting persons have shared voting power over 4,667,045 shares and shared dispositive power over 4,725,196 shares.

Sentiment

Score: 5

Explanation: The document is a neutral, factual disclosure of beneficial ownership. It does not contain positive or negative financial performance data or strategic announcements from the issuer.

Positives

• The disclosure indicates a significant institutional investment firm, Neuberger Berman, holds a substantial stake in Hagerty Inc., which can be seen as a vote of confidence in the company's long-term prospects by a major financial entity.
• The passive nature of the investment, as certified by the filers, suggests that Neuberger Berman is not seeking to influence or change the control of Hagerty Inc., which can provide stability for current management and strategic direction.

Future Outlook

NA

Industry Context

This Schedule 13G filing is a routine disclosure by a large institutional investor, Neuberger Berman, indicating its passive ownership stake in Hagerty Inc. Such filings are common in the financial industry, providing transparency on significant shareholdings by investment firms, mutual funds, and other large entities. They typically reflect portfolio management decisions rather than strategic corporate actions by the issuer.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, potentially offering some reassurance of institutional interest.
• Management: Confirms a passive investment, indicating no immediate threat of activist intervention from this specific shareholder.

Key Dates

Keywords

Hagerty Inc, Neuberger Berman, Schedule 13G, SEC filing, beneficial ownership, Class A common stock, institutional investment, passive stake, financial disclosure