Keefe, Bruyette & Woods Issues Positive Forecast for Hippo (NYSE:HIPO) Stock Price

Key Points

• Keefe, Bruyette & Woods raised Hippo’s price target from $35 to $37 while maintaining a “market perform” rating, implying approximately 3.32% upside. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $43.50.
• Hippo shares opened at $35.81, down 2.2%, with a market capitalization of roughly $945 million. The stock has traded between $24.08 and $39.39 over the past 52 weeks.
• Insiders sold shares recently, including two CEO transactions, while institutional investors and hedge funds own approximately 43.01% of Hippo’s outstanding stock.

Hippo (NYSE:HIPO - Get Free Report) had its price objective lifted by equities research analysts at Keefe, Bruyette & Woods from $35.00 to $37.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods's price target suggests a potential upside of 3.32% from the company's current price.

Several other research firms have also recently weighed in on HIPO. Zacks Research cut Hippo from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Hippo in a research report on Thursday. Wall Street Zen raised shares of Hippo from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, B. Riley Financial reiterated a "buy" rating and set a $50.00 price objective (up from $41.50) on shares of Hippo in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Hippo Stock Down 2.2%

Shares of HIPO opened at $35.81 on Tuesday. The firm has a market cap of $944.99 million, a P/E ratio of 29.60 and a beta of 1.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.95 and a current ratio of 0.95. Hippo has a 52 week low of $24.08 and a 52 week high of $39.39. The firm's 50-day simple moving average is $33.64 and its 200 day simple moving average is $29.48.

Insider Buying and Selling

In other Hippo news, CEO Richard McCathron sold 5,000 shares of the business's stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $34.18, for a total value of $170,900.00. Following the transaction, the chief executive officer directly owned 562,132 shares of the company's stock, valued at approximately $19,213,671.76. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Torben Ostergaard sold 1,169 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $35.03, for a total value of $40,950.07. Following the transaction, the chief executive officer owned 60,655 shares in the company, valued at $2,124,744.65. The trade was a 1.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 17,338 shares of company stock valued at $571,577. 4.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hippo

A number of institutional investors and hedge funds have recently made changes to their positions in HIPO. State of Alaska Department of Revenue purchased a new stake in shares of Hippo in the third quarter valued at about $31,000. Nisa Investment Advisors LLC increased its holdings in Hippo by 306.0% during the third quarter. Nisa Investment Advisors LLC now owns 3,894 shares of the company's stock worth $120,000 after buying an additional 2,935 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Hippo in the second quarter valued at about $178,000. State of Wyoming grew its position in shares of Hippo by 22.9% during the 2nd quarter. State of Wyoming now owns 8,666 shares of the company's stock valued at $245,000 after acquiring an additional 1,612 shares during the period. Finally, R Squared Ltd purchased a new position in Hippo in the first quarter valued at approximately $253,000. Institutional investors and hedge funds own 43.01% of the company's stock.

About Hippo

Hippo Holdings Inc is a technology-focused insurance company that provides home insurance and related services to homeowners in the United States. Operating under the Hippo brand, the company uses digital tools, data analytics and a streamlined online experience to help customers obtain coverage, manage policies and receive support.

Hippo's offerings are designed to protect residential properties and personal belongings against covered risks, while also emphasizing proactive home protection.

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