Hamilton Insurance Group (NYSE:HG) Given New $29.00 Price Target at JMP Securities

Key Points

• JMP Securities has raised its target price for Hamilton Insurance Group from $27.00 to $29.00, suggesting a potential upside of 28.27% based on the company's previous close.
• Analyst consensus gives Hamilton Insurance Group a rating of "Moderate Buy" with a target price of $24.50, with two analysts recommending a hold and five supporting a buy.
• In its latest earnings report, Hamilton Insurance Group exceeded expectations with earnings per share of $1.55, significantly beating the consensus estimate of $1.01.

Hamilton Insurance Group (NYSE:HG - Free Report) had its price target boosted by JMP Securities from $27.00 to $29.00 in a research note released on Thursday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

HG has been the subject of several other research reports. Morgan Stanley raised their price objective on shares of Hamilton Insurance Group from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Citigroup reaffirmed an "outperform" rating on shares of Hamilton Insurance Group in a report on Thursday. BMO Capital Markets reaffirmed a "market perform" rating and set a $23.00 price objective on shares of Hamilton Insurance Group in a report on Thursday, June 5th. Wells Fargo & Company dropped their price objective on shares of Hamilton Insurance Group from $25.00 to $24.00 and set an "overweight" rating for the company in a report on Thursday, July 10th. Finally, Barclays raised their price objective on shares of Hamilton Insurance Group from $21.00 to $25.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Hamilton Insurance Group presently has an average rating of "Moderate Buy" and a consensus price target of $24.83.

Hamilton Insurance Group Trading Up 1.3%

Shares of NYSE:HG traded up $0.30 during midday trading on Thursday, reaching $22.68. The company's stock had a trading volume of 89,220 shares, compared to its average volume of 509,970. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of 6.27 and a beta of 0.81. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.06. Hamilton Insurance Group has a 1 year low of $16.80 and a 1 year high of $23.03. The business has a 50 day moving average price of $21.31 and a 200 day moving average price of $20.20.

Hamilton Insurance Group (NYSE:HG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.55 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 for the quarter, compared to analysts' expectations of $519.50 million. Research analysts forecast that Hamilton Insurance Group will post 4.1 EPS for the current year.

Insider Buying and Selling

In other Hamilton Insurance Group news, CEO Adrian Joseph Daws sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $22.00, for a total value of $132,000.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Therese M. Vaughan acquired 4,750 shares of Hamilton Insurance Group stock in a transaction on Monday, May 19th. The stock was acquired at an average cost of $21.05 per share, for a total transaction of $99,987.50. Following the completion of the purchase, the director owned 20,892 shares of the company's stock, valued at approximately $439,776.60. The trade was a 29.43% increase in their position. The disclosure for this purchase can be found here. 17.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hamilton Insurance Group

Several institutional investors have recently added to or reduced their stakes in HG. Wellington Management Group LLP increased its stake in shares of Hamilton Insurance Group by 26.1% during the 1st quarter. Wellington Management Group LLP now owns 4,658,454 shares of the company's stock worth $96,570,000 after purchasing an additional 963,021 shares during the last quarter. Nuveen LLC acquired a new position in shares of Hamilton Insurance Group during the 1st quarter worth about $50,838,000. Private Management Group Inc. increased its stake in shares of Hamilton Insurance Group by 60.4% during the 1st quarter. Private Management Group Inc. now owns 885,996 shares of the company's stock worth $18,367,000 after purchasing an additional 333,671 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of Hamilton Insurance Group by 19.7% during the 4th quarter. Lazard Asset Management LLC now owns 811,166 shares of the company's stock worth $15,435,000 after purchasing an additional 133,646 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Hamilton Insurance Group by 31.9% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 642,260 shares of the company's stock valued at $12,222,000 after buying an additional 155,228 shares during the last quarter. 29.17% of the stock is owned by institutional investors.

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.