Analyst Elyse Greenspan of Wells Fargo maintained a Buy rating on Hamilton Insurance Group, Ltd. Class B (HG – Research Report), retaining the price target of $16.00.
Elyse Greenspan’s rating is based on multiple encouraging factors, including Hamilton Insurance Group Ltd.’s (HG) better-than-expected earnings per share (EPS) performance and significant returns generated by its Two Sigma investments. The EPS of $1.38 surpassed the anticipated $1.10 and consensus of $1.04, largely due to Two Sigma’s notable 8.3% return, which positively impacted the earnings by $0.63 per share. Moreover, the company demonstrated robust top-line growth with a significant increase in gross premiums written, particularly in the Bermuda and International segments, indicating a strong market presence and business expansion.
Despite facing some setbacks, such as the Baltimore bridge losses which weighed on margins, Greenspan believes the stock’s potential upside outweighs these negative factors. The underlying combined ratio, excluding bridge losses, was below expectations, and catastrophe losses were significantly lower than projected. Additionally, the buyback of shares from Blackstone at a discounted rate further bolsters the financial positioning of Hamilton Insurance Group Ltd. These elements, coupled with the company’s operational strengths and strategic financial maneuvers, provide a solid foundation for Greenspan’s Buy rating on HG’s Class B stock.
According to TipRanks, Greenspan is a 5-star analyst with an average return of 9.1% and a 64.40% success rate. Greenspan covers the Financial sector, focusing on stocks such as Allstate, Progressive, and American International Group.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $23.00 price target.
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Hamilton Insurance Group, Ltd. Class B (HG) Company Description:
Hamilton Insurance Group, Ltd., through its subsidiaries, engages in underwriting specialty insurance and reinsurance risks in Bermuda and internationally. 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 treaty reinsurance; and specialty reinsurance solutions, including accident and health, aviation, crisis management, financial lines, marine and energy, multiline specialty, and satellite reinsurance.
