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

Hamilton Insurance Group, Ltd. (NYSE:HG)’s share price hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $26.29 and last traded at $25.5850, with a volume of 95070 shares. The stock had previously closed at $23.59.

The company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.61. Hamilton Insurance Group had a return on equity of 13.27% and a net margin of 14.67%.The company had revenue of $698.85 million for the quarter, compared to analyst estimates of $537.70 million.

Wall Street Analyst Weigh In

HG has been the topic of several recent analyst reports. Barclays boosted their price target on Hamilton Insurance Group from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Citigroup reaffirmed an “outperform” rating on shares of Hamilton Insurance Group in a research note on Wednesday. Zacks Research raised Hamilton Insurance Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Wells Fargo & Company boosted their price target on Hamilton Insurance Group from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods boosted their price target on Hamilton Insurance Group from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.75.

Insider Buying and Selling at Hamilton Insurance Group

In other Hamilton Insurance Group news, insider Venkatanarayana Krishnamoorthy sold 18,988 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $24.00, for a total transaction of $455,712.00. Following the completion of the sale, the insider directly owned 64,512 shares of the company’s stock, valued at approximately $1,548,288. The trade was a 22.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Alexander James Baker sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $23.79, for a total value of $142,740.00. Following the sale, the insider directly owned 116,338 shares of the company’s stock, valued at $2,767,681.02. This represents a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 71,988 shares of company stock worth $1,743,842. 17.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hamilton Insurance Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HG. Amalgamated Bank increased its holdings in Hamilton Insurance Group by 92.2% in the first quarter. Amalgamated Bank now owns 1,428 shares of the company’s stock valued at $30,000 after purchasing an additional 685 shares during the last quarter. CWM LLC increased its holdings in Hamilton Insurance Group by 172.6% in the first quarter. CWM LLC now owns 1,698 shares of the company’s stock valued at $35,000 after purchasing an additional 1,075 shares during the last quarter. Versant Capital Management Inc increased its holdings in Hamilton Insurance Group by 1,404.4% in the third quarter. Versant Capital Management Inc now owns 1,700 shares of the company’s stock valued at $42,000 after purchasing an additional 1,587 shares during the last quarter. Flaharty Asset Management LLC bought a new stake in Hamilton Insurance Group in the first quarter valued at about $62,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Hamilton Insurance Group in the third quarter worth about $71,000. Institutional investors own 29.17% of the company’s stock.

Hamilton Insurance Group Stock Up 9.1%

The firm has a fifty day simple moving average of $24.19 and a 200-day simple moving average of $22.21. The company has a market capitalization of $2.58 billion, a P/E ratio of 7.13 and a beta of 0.81. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.06.

About Hamilton Insurance Group

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.