Hamilton Insurance Group (NYSE:HG) Sets New 1-Year High Following Strong Earnings

Shares of Hamilton Insurance Group, Ltd. (NYSE:HG) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $22.81 and last traded at $22.85, with a volume of 55224 shares. The stock had previously closed at $21.55.

The company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.54. The firm had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $519.50 million. Hamilton Insurance Group had a return on equity of 13.62% and a net margin of 14.67%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HG. BMO Capital Markets reissued a “market perform” rating and issued a $23.00 target price on shares of Hamilton Insurance Group in a research report on Thursday, June 5th. JMP Securities upped their target price on Hamilton Insurance Group from $27.00 to $29.00 and gave the company a “market outperform” rating in a research report on Thursday. Morgan Stanley upped their target price on Hamilton Insurance Group from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. Citigroup reissued an “outperform” rating on shares of Hamilton Insurance Group in a research report on Thursday. Finally, Wells Fargo & Company decreased their target price on Hamilton Insurance Group from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Thursday, July 10th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Hamilton Insurance Group currently has a consensus rating of “Moderate Buy” and an average price target of $24.50.

Insider Activity at Hamilton Insurance Group

In related news, Director Therese M. Vaughan bought 4,750 shares of the stock in a transaction on Monday, May 19th. The shares were bought at an average cost of $21.05 per share, for a total transaction of $99,987.50. Following the purchase, the director owned 20,892 shares of the company’s stock, valued at $439,776.60. This trade represents a 29.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adrian Joseph Daws sold 6,000 shares of Hamilton Insurance Group stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $22.00, for a total value of $132,000.00. Following the completion of the transaction, the chief executive officer owned 190,440 shares in the company, valued at $4,189,680. This trade represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.46% of the company’s stock.

Institutional Trading of Hamilton Insurance Group

Several hedge funds have recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in Hamilton Insurance Group by 26.1% during the first quarter. Wellington Management Group LLP now owns 4,658,454 shares of the company’s stock worth $96,570,000 after purchasing an additional 963,021 shares during the last quarter. Nuveen LLC acquired a new position in Hamilton Insurance Group during the first quarter worth $50,838,000. Private Management Group Inc. raised its holdings in Hamilton Insurance Group by 60.4% during the first quarter. Private Management Group Inc. now owns 885,996 shares of the company’s stock worth $18,367,000 after purchasing an additional 333,671 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Hamilton Insurance Group by 19.7% during the fourth quarter. Lazard Asset Management LLC now owns 811,166 shares of the company’s stock worth $15,435,000 after purchasing an additional 133,646 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Hamilton Insurance Group by 31.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 642,260 shares of the company’s stock worth $12,222,000 after purchasing an additional 155,228 shares during the last quarter. 29.17% of the stock is owned by institutional investors and hedge funds.

Hamilton Insurance Group Stock Performance

The firm has a fifty day moving average of $21.30 and a 200-day moving average of $20.17. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 6.16 and a beta of 0.81. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.06.

Hamilton Insurance Group Company Profile

Hamilton Insurance Group, Ltd., through its subsidiaries, provides underwriting specialty insurance and reinsurance risks in Bermuda and internationally. The company operates Hamilton Global Specialty, Hamilton Select, and Hamilton Re underwriting platforms. The company offers casualty reinsurance products, such as commercial motor, general liability, healthcare, multiline, personal motor, professional liability, umbrella and excess casualty, and worker's compensation and employer's liability reinsurance; property reinsurance and insurance; and specialty reinsurance solutions, including accident and health, aviation and space, crisis management, mortgage, financial lines, marine and energy, and multiline specialty.