37,097 Hippo Holdings Inc. $HIPO Shares Bought by State Street Corp

Key Points

• State Street increased its Hippo stake by 9.1%, buying 37,097 shares to own 443,716 shares valued at approximately $12.5 million. Institutional investors collectively hold 43.01% of HIPO.
• Hippo reported quarterly EPS of $0.79, surpassing the $0.17 loss analysts expected, while revenue reached $144.7 million versus the $137.4 million consensus estimate.
• Analysts maintain a generally positive outlook, with Hippo carrying an average “Buy” rating and a consensus price target of $40.50; however, company insiders have sold 17,838 shares worth roughly $554,000 over the past 90 days.

State Street Corp increased its position in Hippo Holdings Inc. (NYSE:HIPO - Free Report) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 443,716 shares of the company's stock after acquiring an additional 37,097 shares during the period. State Street Corp owned about 1.68% of Hippo worth $12,539,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in HIPO. BlackRock Inc. grew its stake in shares of Hippo by 17.8% during the 2nd quarter. BlackRock Inc. now owns 1,498,306 shares of the company's stock valued at $42,342,000 after purchasing an additional 226,533 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Hippo by 8.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 394,907 shares of the company's stock worth $10,291,000 after purchasing an additional 29,993 shares in the last quarter. Stoic Point Capital Management LLC increased its stake in shares of Hippo by 0.8% in the 1st quarter. Stoic Point Capital Management LLC now owns 251,116 shares of the company's stock worth $6,544,000 after purchasing an additional 2,100 shares in the last quarter. Sei Investments Co. raised its holdings in Hippo by 25.4% in the 1st quarter. Sei Investments Co. now owns 161,440 shares of the company's stock worth $4,207,000 after purchasing an additional 32,728 shares during the period. Finally, Citadel Advisors LLC raised its holdings in Hippo by 90.5% in the 2nd quarter. Citadel Advisors LLC now owns 140,734 shares of the company's stock worth $3,977,000 after purchasing an additional 66,863 shares during the period. 43.01% of the stock is currently owned by hedge funds and other institutional investors.

Hippo Stock Up 1.4%

Shares of NYSE:HIPO opened at $30.67 on Friday. Hippo Holdings Inc. has a 52-week low of $24.08 and a 52-week high of $38.72. The stock has a market cap of $809.35 million, a P/E ratio of 6.60 and a beta of 1.55. The business's 50 day moving average is $31.91 and its 200 day moving average is $28.52. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.10.

Hippo (NYSE:HIPO - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.96. The company had revenue of $144.70 million for the quarter, compared to analysts' expectations of $137.44 million. Hippo had a net margin of 23.92% and a return on equity of 10.68%. Sell-side analysts predict that Hippo Holdings Inc. will post 1.5 EPS for the current year.

Insider Activity

In other Hippo news, CEO Torben Ostergaard sold 1,169 shares of Hippo stock in a transaction on Monday, August 17th. The shares were sold at an average price of $33.00, for a total value of $38,577.00. Following the transaction, the chief executive officer directly owned 61,824 shares of the company's stock, valued at approximately $2,040,192. The trade was a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard McCathron sold 5,000 shares of Hippo stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $32.23, for a total transaction of $161,150.00. Following the completion of the transaction, the chief executive officer directly owned 567,132 shares in the company, valued at $18,278,664.36. This represents a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 17,838 shares of company stock worth $554,083. Corporate insiders own 4.48% of the company's stock.

Analyst Ratings Changes

HIPO has been the subject of several recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Hippo in a report on Friday, July 31st. B. Riley Financial reissued a "buy" rating and set a $41.50 price target (up from $38.00) on shares of Hippo in a report on Monday, August 3rd. Texas Capital raised Hippo to a "strong-buy" rating in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods increased their target price on Hippo from $33.00 to $35.00 and gave the stock a "market perform" rating in a research report on Thursday, August 6th. Finally, Zacks Research raised Hippo from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $40.50.

Hippo Company Profile

Hippo Holdings Inc NYSE: HIPO is an insurance technology company focused on homeowners insurance in the United States. The company uses digital tools, data analytics and automation to simplify the process of obtaining and managing home insurance coverage.

Hippo's offerings are designed to protect homes and personal property against covered risks such as damage from weather events, fire and theft. Its platform also emphasizes proactive home protection, including educational resources, monitoring tools and connected-home devices intended to help homeowners identify and address potential risks before they result in costly claims.

Founded in 2015 by Assaf Wand and Eyal Navon, Hippo expanded through a technology-driven, digitally distributed insurance model.

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