New Vernon Investment Management LLC Buys 29,248 Shares of Hamilton Insurance Group, Ltd. $HG

Key Points

• New Vernon Investment Management LLC increased its stake in Hamilton Insurance Group by 65.5%, now holding approximately 73,891 shares, making it the firm's 19th largest investment.
• Many institutional investors have also adjusted their positions, with Wells Fargo raising its holdings by 28.8% and Barclays increasing its price target for the stock from $21.00 to $25.00.
• Hamilton Insurance Group reported a strong quarterly earnings result, with earnings per share of $1.55, surpassing analysts' expectations by $0.54 and generating revenue of approximately $712.03 million.

New Vernon Investment Management LLC lifted its stake in shares of Hamilton Insurance Group, Ltd. (NYSE:HG - Free Report) by 65.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 73,891 shares of the company's stock after purchasing an additional 29,248 shares during the quarter. Hamilton Insurance Group accounts for about 2.0% of New Vernon Investment Management LLC's holdings, making the stock its 19th largest position. New Vernon Investment Management LLC owned about 0.07% of Hamilton Insurance Group worth $1,532,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in HG. Wells Fargo & Company MN increased its stake in Hamilton Insurance Group by 28.8% in the 4th quarter. Wells Fargo & Company MN now owns 23,408 shares of the company's stock worth $445,000 after acquiring an additional 5,234 shares during the last quarter. Invesco Ltd. bought a new position in shares of Hamilton Insurance Group in the 4th quarter worth approximately $465,000. Barclays PLC raised its position in shares of Hamilton Insurance Group by 13.4% in the 4th quarter. Barclays PLC now owns 65,367 shares of the company's stock worth $1,244,000 after acquiring an additional 7,704 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of Hamilton Insurance Group by 6.9% in the 4th quarter. MetLife Investment Management LLC now owns 24,525 shares of the company's stock worth $467,000 after acquiring an additional 1,586 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in Hamilton Insurance Group during the 4th quarter valued at approximately $244,000. 29.17% of the stock is currently owned by institutional investors.

Hamilton Insurance Group Stock Performance

NYSE HG traded down $0.14 on Tuesday, hitting $23.70. 321,466 shares of the company traded hands, compared to its average volume of 517,755. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 6.55 and a beta of 0.81. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.06. The business's 50 day moving average price is $22.13 and its 200-day moving average price is $20.74. Hamilton Insurance Group, Ltd. has a 52-week low of $16.80 and a 52-week high of $24.54.

Hamilton Insurance Group (NYSE:HG - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.54. The company had revenue of $712.03 million for the quarter, compared to the consensus estimate of $519.50 million. Hamilton Insurance Group had a return on equity of 13.27% and a net margin of 14.67%. Equities analysts expect that Hamilton Insurance Group, Ltd. will post 4.1 earnings per share for the current year.

Insider Activity

In other 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 value of $455,712.00. Following the transaction, the insider directly owned 64,512 shares in the company, valued at $1,548,288. The trade was a 22.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander James Baker sold 6,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $23.79, for a total value of $142,740.00. Following the completion of the transaction, the insider owned 116,338 shares in the company, valued at $2,767,681.02. The trade was a 4.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.46% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on HG shares. Keefe, Bruyette & Woods lifted their target price on Hamilton Insurance Group from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Wall Street Zen lowered Hamilton Insurance Group from a "buy" rating to a "hold" rating in a report on Sunday, August 17th. Citigroup started coverage on Hamilton Insurance Group in a report on Wednesday, August 13th. They issued a "neutral" rating and a $25.00 target price for the company. BMO Capital Markets reissued a "market perform" rating and issued a $23.00 target price on shares of Hamilton Insurance Group in a report on Thursday, June 5th. Finally, JMP Securities lifted their target price on Hamilton Insurance Group from $27.00 to $29.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $25.43.

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.