Hamilton Insurance Group, Ltd. (NYSE:HG) Short Interest Up 18.6% in October

Hamilton Insurance Group, Ltd. (NYSE:HG) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 1,660,000 shares, an increase of 18.6% from the September 30th total of 1,400,000 shares. Based on an average daily volume of 704,400 shares, the days-to-cover ratio is presently 2.4 days. Currently, 3.2% of the company’s shares are short sold.

Hedge Funds Weigh In On Hamilton Insurance Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Financial Management Professionals Inc. acquired a new stake in Hamilton Insurance Group in the third quarter worth about $34,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Hamilton Insurance Group in the second quarter valued at approximately $34,000. US Bancorp DE bought a new position in shares of Hamilton Insurance Group in the third quarter valued at approximately $107,000. American International Group Inc. acquired a new position in shares of Hamilton Insurance Group during the first quarter valued at approximately $115,000. Finally, Rhumbline Advisers raised its holdings in Hamilton Insurance Group by 52.0% during the second quarter. Rhumbline Advisers now owns 25,068 shares of the company’s stock worth $417,000 after purchasing an additional 8,572 shares in the last quarter. 29.17% of the stock is currently owned by institutional investors and hedge funds.

Hamilton Insurance Group Stock Performance

Shares of NYSE:HG traded up $0.28 on Wednesday, reaching $17.65. 213,650 shares of the company’s stock were exchanged, compared to its average volume of 430,095. Hamilton Insurance Group has a fifty-two week low of $12.44 and a fifty-two week high of $20.71. The business’s 50-day moving average is $18.73 and its two-hundred day moving average is $17.09. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.80 billion and a price-to-earnings ratio of 4.26.

Hamilton Insurance Group (NYSE:HG) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.29. Hamilton Insurance Group had a return on equity of 21.77% and a net margin of 21.45%. The business had revenue of $587.94 million for the quarter, compared to the consensus estimate of $502.37 million. As a group, equities research analysts forecast that Hamilton Insurance Group will post 4.12 EPS for the current year.

Analysts Set New Price Targets

HG has been the subject of several recent research reports. Morgan Stanley downgraded Hamilton Insurance Group from an “overweight” rating to an “equal weight” rating and set a $19.00 price target for the company. in a report on Monday, August 19th. JMP Securities increased their target price on Hamilton Insurance Group from $23.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, August 8th. Barclays initiated coverage on Hamilton Insurance Group in a research report on Wednesday, September 4th. They set an “overweight” rating and a $26.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Hamilton Insurance Group from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company lifted their price objective on shares of Hamilton Insurance Group from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.43.

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.