Hamilton Insurance Group (NYSE:HG) Reaches New 12-Month High on Strong Earnings

Key Points

• Hamilton Insurance Group reached a new 52-week high of $22.85 after announcing earnings per share (EPS) of $1.55, significantly surpassing the consensus estimate of $1.01.
• Following these results, several brokerages raised their price targets, with JMP Securities increasing their target from $27.00 to $29.00 and maintaining a "market outperform" rating.
• The company is experiencing increased institutional interest, with Wellington Management growing its stake by 26.1% and hedge funds collectively holding 29.17% of the stock.

Hamilton Insurance Group, Ltd. (NYSE:HG - Get Free Report) shares reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $22.81 and last traded at $22.85, with a volume of 55224 shares trading hands. The stock had previously closed at $21.55.

The company reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.54. Hamilton Insurance Group had a net margin of 14.67% and a return on equity of 13.62%. The company had revenue of $712.03 million during the quarter, compared to the consensus estimate of $519.50 million.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their price objective on Hamilton Insurance Group from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. JMP Securities raised their target price on Hamilton Insurance Group from $27.00 to $29.00 and gave the stock a "market outperform" rating in a research report on Thursday. BMO Capital Markets reiterated a "market perform" rating and issued a $23.00 price target on shares of Hamilton Insurance Group in a research report on Thursday, June 5th. Citigroup reiterated an "outperform" rating on shares of Hamilton Insurance Group in a research note on Thursday. Finally, Wells Fargo & Company boosted their target price on shares of Hamilton Insurance Group from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.83.

Insider Buying and Selling

In related news, Director Therese M. Vaughan acquired 4,750 shares of the stock in a transaction on Monday, May 19th. The stock was purchased at an average price of $21.05 per share, for a total transaction of $99,987.50. Following the transaction, the director owned 20,892 shares of the company's stock, valued at $439,776.60. The trade was a 29.43% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adrian Joseph Daws sold 6,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $22.00, for a total transaction of $132,000.00. Following the completion of the transaction, the chief executive officer directly owned 190,440 shares of the company's stock, valued at approximately $4,189,680. This represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.46% of the stock is owned by corporate insiders.

Institutional Trading of Hamilton Insurance Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HG. Amalgamated Bank lifted its stake in shares of Hamilton Insurance Group by 92.2% in the 1st 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 period. Sterling Capital Management LLC lifted its stake in Hamilton Insurance Group by 295.1% in the fourth quarter. Sterling Capital Management LLC now owns 1,517 shares of the company's stock valued at $29,000 after buying an additional 1,133 shares during the period. CWM LLC lifted its stake 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 buying an additional 1,075 shares during the period. Flaharty Asset Management LLC bought a new position in Hamilton Insurance Group during the first quarter worth about $62,000. Finally, Strs Ohio acquired a new position in shares of Hamilton Insurance Group during the 1st quarter worth about $112,000. 29.17% of the stock is currently owned by institutional investors and hedge funds.

Hamilton Insurance Group Trading Up 0.7%

The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $2.28 billion, a P/E ratio of 6.20 and a beta of 0.81. The business has a 50 day moving average price of $21.31 and a 200 day moving average price of $20.18.

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.