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 target price increased by JMP Securities from $27.00 to $29.00 in a report published on Thursday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other brokerages have also commented on HG. BMO Capital Markets restated a "market perform" rating and set a $23.00 price objective on shares of Hamilton Insurance Group in a research report on Thursday, June 5th. Wells Fargo & Company decreased their price objective on Hamilton Insurance Group from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Thursday, July 10th. Morgan Stanley raised their price objective on Hamilton Insurance Group from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Barclays raised their price objective on Hamilton Insurance Group from $21.00 to $25.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Finally, Citigroup reiterated an "outperform" rating on shares of Hamilton Insurance Group in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Hamilton Insurance Group has an average rating of "Moderate Buy" and a consensus target price of $24.83.

Hamilton Insurance Group Trading Up 0.7%

HG traded up $0.15 during trading on Thursday, reaching $22.44. The company had a trading volume of 316,969 shares, compared to its average volume of 424,033. Hamilton Insurance Group has a 12-month low of $16.63 and a 12-month high of $23.03. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 6.20 and a beta of 0.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.71 and a current ratio of 0.71. The firm's 50-day simple moving average is $21.31 and its 200 day simple moving average is $20.18.

Hamilton Insurance Group (NYSE:HG - Get Free Report) last announced 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 firm had revenue of $712.03 million during the quarter, compared to analyst estimates of $519.50 million. Equities research analysts anticipate that Hamilton Insurance Group will post 4.1 earnings per share for the current year.

Insider Activity

In related news, CEO Adrian Joseph Daws sold 6,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $22.00, for a total value of $132,000.00. Following the completion of the sale, the chief executive officer directly owned 190,440 shares in the company, valued at approximately $4,189,680. The trade was a 3.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Therese M. Vaughan bought 4,750 shares of Hamilton Insurance Group stock in a transaction that occurred on 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 acquisition, the director owned 20,892 shares in the company, 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 owned by insiders.

Institutional Investors Weigh In On Hamilton Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its holdings in Hamilton Insurance Group by 26.1% in 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 bought a new position in Hamilton Insurance Group in the 1st quarter worth approximately $50,838,000. Private Management Group Inc. increased its position in Hamilton Insurance Group by 60.4% in the 1st quarter. Private Management Group Inc. now owns 885,996 shares of the company's stock worth $18,367,000 after buying an additional 333,671 shares during the period. Lazard Asset Management LLC increased its position in Hamilton Insurance Group by 19.7% in the 4th quarter. Lazard Asset Management LLC now owns 811,166 shares of the company's stock worth $15,435,000 after buying an additional 133,646 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position 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 worth $12,222,000 after buying an additional 155,228 shares during the period. 29.17% of the stock is currently owned by institutional investors and hedge funds.

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.