Hamilton Insurance Group (NYSE:HG) Hits New 1-Year High Following 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)'s share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $22.81 and last traded at $22.85, with a volume of 55224 shares. The stock had previously closed at $21.55.

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

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Citigroup reissued an "outperform" rating on shares of Hamilton Insurance Group in a research note on Thursday. Wells Fargo & Company raised their target price on shares of Hamilton Insurance Group from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday. Wall Street Zen raised Hamilton Insurance Group from a "hold" rating to a "buy" rating in a report on Saturday. Morgan Stanley boosted their target price on Hamilton Insurance Group from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Finally, JMP Securities lifted their price objective on shares of Hamilton Insurance Group from $27.00 to $29.00 and gave the stock a "market outperform" rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $24.83.

Insider Activity at Hamilton Insurance Group

In related news, Director Therese M. Vaughan acquired 4,750 shares of the stock in a transaction dated Monday, May 19th. The stock was bought at an average price of $21.05 per share, with a total value of $99,987.50. Following the completion of the transaction, the director directly owned 20,892 shares of the company's stock, valued at approximately $439,776.60. The trade was a 29.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adrian Joseph Daws sold 6,000 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were 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 trade represents a 3.05% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.46% of the company's stock.

Institutional Trading of Hamilton Insurance Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank boosted its position in Hamilton Insurance Group by 92.2% during the 1st quarter. Amalgamated Bank now owns 1,428 shares of the company's stock worth $30,000 after buying an additional 685 shares during the period. Sterling Capital Management LLC boosted its position in Hamilton Insurance Group by 295.1% during the fourth quarter. Sterling Capital Management LLC now owns 1,517 shares of the company's stock worth $29,000 after purchasing an additional 1,133 shares during the period. CWM LLC lifted its holdings in shares of Hamilton Insurance Group by 172.6% in the first quarter. CWM LLC now owns 1,698 shares of the company's stock worth $35,000 after buying an additional 1,075 shares in the last quarter. Flaharty Asset Management LLC purchased a new stake in Hamilton Insurance Group in the first quarter valued at approximately $62,000. Finally, Strs Ohio purchased a new stake in Hamilton Insurance Group in the first quarter valued at approximately $112,000. Institutional investors and hedge funds own 29.17% of the company's stock.

Hamilton Insurance Group Price Performance

The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $2.30 billion, a P/E ratio of 6.27 and a beta of 0.81. The business's 50-day simple moving average is $21.31 and its 200 day simple moving average is $20.20.

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.