Hamilton Insurance rises after Wells Fargo upgrades to 'overweight'

Hamilton Insurance

11/04/2024 16:44

** Shares of specialty insurer Hamilton Insurance  HG.N 
rise as much as 6.6%, last up 3.1% at $12.82
    ** Wells Fargo Securities upgrades HG to "overweight" from
"equal weight"; maintains PT of $16, a 22.3% upside to the last
close
    ** HG has exposure to markets seeing good price increases
including property reinsurance and excess and surplus (E&S)
lines insurance - brokerage
    ** Brokerage notes that HG has lower reserve risk - funds
set aside to payout future claims 
    ** HG shares trade at the cheapest valuation among our
property & casualty (P&C) insurance coverage - Wells Fargo
Securities 
    ** Six of seven brokerages rate the stock "buy" or higher
and one "hold"; their median PT is $20 - LSEG data
    ** As of last close, HG stock down 16.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))