Hamilton Insurance (NYSE: HG) revises $1.8B Two Sigma fund commitment
Hamilton Insurance Group, Ltd. (NYSE: HG) has revised its commitment to the Two Sigma Hamilton Fund by entering into a new Investment Agreement on April 1, 2026. This agreement replaces a prior one from 2023, setting a new minimum commitment of the lesser of $1.8 billion or 60% of net tangible assets for Hamilton Re. The new structure introduces two capital tiers, Sub-Series A and Sub-Series B, with differentiated withdrawal terms to manage liquidity.
Analysts Are Neutral on Top Financial Stocks: Renaissancere Holdings (RNR), AllianceBernstein (AB)
Analysts have issued neutral ratings for Renaissancere Holdings (RNR) and AllianceBernstein (AB), suggesting neither a bullish nor bearish outlook on these financial stocks. KBW analyst Meyer Shields maintained a Hold rating for Renaissancere Holdings with a $323.00 price target, while Barclays analyst Benjamin Budish maintained a Hold rating for AllianceBernstein with a $41.00 price target. The consensus for both companies among analysts is a "Hold" rating.
A Look At Hamilton Insurance Group (HG) Valuation As Sales And Earnings Concerns Influence Investor Sentiment
Hamilton Insurance Group (HG) is under investor scrutiny due to projected sales declines and falling earnings per share, despite a strong 1-year total shareholder return of 47.10%. The company is considered undervalued by analysts with a fair value of $32.86 against its current trading price, driven by an upgraded AM Best rating and attractive risk-adjusted returns in the reinsurance market. However, this valuation depends on specialty and reinsurance risks remaining contained and expense ratios not eroding margins more than anticipated.
Hamilton Insurance (HG) 2025: $577M profit, $2.9B premiums and strong capital
Hamilton Insurance Group reported a significant increase in net income to $577 million in 2025, a 44% rise from the previous year, with gross premiums written reaching $2.9 billion and a strong return on average equity of 22%. The company maintains a robust financial position with $2.8 billion in shareholders' equity and $6.2 billion in cash and invested assets, including substantial allocation to the Two Sigma Hamilton Fund. Key to their success are disciplined underwriting, strategic growth across diversified platforms, and a unique investment management relationship with Two Sigma, underscoring solid profitability and capital strength.
Analysts Are Bullish on Top Financial Stocks: Arthur J Gallagher & Co (AJG), Mastercard (MA)
The article highlights bullish analyst ratings for two major financial stocks, Arthur J Gallagher & Co (AJG) and Mastercard (MA). Wells Fargo and RBC Capital issued "Buy" ratings for AJG, while Wells Fargo and Bank of America Securities gave "Buy" ratings to Mastercard, projecting significant upside for both companies.
KBW Keeps Their Buy Rating on Hamilton Insurance Group, Ltd. Class B (HG)
KBW analyst Thomas McJoynt Griffith has reiterated a Buy rating on Hamilton Insurance Group, Ltd. Class B (HG) with a price target of $34.00, following the company's strong financial performance. Hamilton Insurance reported significant increases in quarterly revenue and net profit for the period ending December 31. The analyst consensus for HG remains a Moderate Buy with an average price target of $33.50.
Analysts’ Opinions Are Mixed on These Financial Stocks: Progressive (PGR), CPI Card Group (PMTS) and Artisan Partners (APAM)
Analysts have provided mixed ratings for three financial stocks: Progressive (PGR), CPI Card Group (PMTS), and Artisan Partners (APAM). Morgan Stanley maintained a Sell rating for Progressive, while D.A. Davidson issued a Buy rating for CPI Card Group. TD Cowen maintained a Hold rating for Artisan Partners, reflecting varying perspectives on these companies' financial outlooks.
Hamilton Insurance (HG) awards 6,874 RSUs to Group Chief Risk Officer
Hamilton Insurance Group (HG) has awarded Group Chief Risk Officer Russell John Buckley 6,874 restricted stock units (RSUs) as part of his equity compensation. These RSUs, valued at $0.00 per share, represent a contingent right to receive Class B common shares and will vest in three equal annual installments starting March 1, 2027, provided Buckley remains with the company. The grant is made under the Hamilton Insurance Group, Ltd. Equity Incentive Plan.
Hamilton Insurance (NYSE: HG) CEO granted 20,000 RSUs, 4,760 shares withheld for taxes
Adrian Joseph Daws, CEO of Hamilton Re (NYSE: HG), had two equity transactions on March 2, 2026. He disposed of 4,760 Class B common shares to cover tax obligations from vesting restricted stock units and received a grant of 20,000 new restricted stock units. After these transactions, Daws directly holds 212,486 shares, including restricted stock units, with the new RSUs vesting in three equal annual installments starting March 1, 2027.
Hamilton (NYSE: HG) CFO gets RSUs, withholds shares for taxes
Hamilton Insurance Group's CFO, Craig Howie, recently had 11,729 Class B common shares withheld to cover tax obligations from vesting restricted stock units (RSUs). This transaction occurred on March 2, 2026, at a share price of $31.59. On the same date, Howie also received a grant of 32,472 RSUs, which will vest in three equal annual installments starting March 1, 2027, contingent on his continued employment.
14,245 RSUs granted to Hamilton Insurance (HG) executive
Hamilton Insurance Group, Ltd. CEO of Hamilton Global Specialty, Baker Alexander James, received 14,245 Class B restricted stock units (RSUs) as an equity award without cash cost. These RSUs will vest in three equal annual installments starting March 1, 2027, provided he continues his service with the company. Following this grant, his total direct holdings of Class B common shares, including RSUs, now amount to 110,291 shares.
Hamilton Insurance Group (HG) grants 10,882 RSUs, withholds 2,970 shares for taxes
Hamilton Insurance Group (HG) executive Daniel Mark Fisher was granted 10,882 restricted stock units (RSUs) and had 2,970 shares withheld for tax obligations related to vested RSUs. The tax withholding was based on a share price of $31.59. The newly granted RSUs will vest in three equal annual installments starting March 1, 2027, contingent on continued service, and will convert into Class B common shares.
Equity award: Hamilton Insurance Group (HG) grants 12,832 RSUs to CUO
Hamilton Insurance Group (HG) announced that its Chief Underwriting Officer, Timothy James Duffin, was granted 12,832 restricted stock units (RSUs) as part of the company's equity incentive plan, as reported in a Form 4 SEC filing. These RSUs will vest in three equal annual installments starting March 1, 2027, provided Duffin continues his service. Following this grant, Duffin's direct ownership, including RSUs, increased to 251,959 Class B common shares.
Hamilton (HG) executive awarded 9,198 shares, 2,198 withheld for taxes
Hamilton Insurance Group, Ltd. CEO of Hamilton Select, Anita Breslin, reported two Class B Common Share transactions. She disposed of 2,198 shares at $31.59 per share to cover tax obligations and received a grant of 9,198 shares. Following these transactions, her direct holdings in the company increased to 89,278 shares.
Hamilton Insurance (HG) CIO receives 8,428 RSUs vesting from 2027
Hamilton Insurance Group's Chief Information Officer, Raymond Karrenbauer, was granted 8,428 restricted stock units (RSUs) under the company’s Equity Incentive Plan. These RSUs will convert into Class B common shares, with vesting occurring in three equal annual installments starting on March 1, 2027, provided Karrenbauer remains employed by the company. The grant was reported in an SEC Form 4 filing, indicating it as a compensatory award rather than a cash transaction.
Hamilton Insurance (HG) awards 16,760 RSUs to general counsel
Hamilton Insurance Group, Ltd. (HG) reported that its Group General Counsel, Gemma Elizabeth Carreiro, was granted 16,760 Restricted Stock Units (RSUs). This award increases her total direct holdings to 190,615 shares, including RSUs. The RSUs will vest in three equal annual installments starting on March 1, 2027, contingent on her continued service.
[Form 4] Hamilton Insurance Group, Ltd. Insider Trading Activity
Brian John Deegan, Group Chief Accounting Officer at Hamilton Insurance Group, Ltd. (HG), reported the acquisition of 11,260 restricted stock units (RSUs). These RSUs, granted at no cost, are tied to Class B common shares and will vest in three equal annual installments starting March 1, 2027, contingent on his continued service. Following this transaction, Deegan beneficially owns 82,347 Class B shares, including RSUs.
Analysts Offer Insights on Financial Companies: Slide Insurance Holdings, Inc. (SLDE) and Fifth Third Bancorp (FITB)
Barclays analysts recently issued bullish ratings for Slide Insurance Holdings, Inc. (SLDE) and Fifth Third Bancorp (FITB). Alex Scott maintained a Buy rating on SLDE with a $29.00 price target, while Jason Goldberg maintained a Buy rating on FITB with a $61.00 price target. The consensus for SLDE is a Moderate Buy with a $25.00 target, and for FITB, it's a Strong Buy with a $57.64 average price target.
Hamilton Insurance Delivers Record Earnings, Signals Disciplined Growth
Hamilton Insurance Group, Ltd. (HG) reported record 2025 net income of $577 million, a 44% increase year-over-year, with a strong return on average equity of 22%. The company experienced significant premium growth, improved underwriting profitability, and robust investment income, leading to a special dividend and share repurchases. While emphasizing disciplined underwriting and capital strength, management noted a shift to a more competitive market, signaling moderated growth expectations for 2026.
[Form 4] Hamilton Insurance Group, Ltd. Insider Trading Activity
Adrian Joseph Daws, CEO of Hamilton Re at Hamilton Insurance Group, Ltd. (HG), reported recent insider trading activity. Daws acquired 40,874 Class B common shares at no cost due to the certification of performance stock units, which matured at 200% of target based on a 3-year underwriting return on capital of 8.6%. To cover tax obligations, 16,931 shares were withheld at $30.55 per share, leaving Daws with a direct beneficial ownership of 197,246 Class B common shares.
Hamilton Insurance Appoints Roston to Board, Committees
Hamilton Insurance Group, Ltd. has appointed Marc N. Roston to its Board of Directors and to the Investments and Technology Committees. Roston replaces H. Hawes Bostic, III, and brings over 30 years of experience in financial analysis and business strategy, which is expected to strengthen Hamilton's board oversight in capital deployment and technology as it pursues its growth strategy. The company's stock (HG) currently holds a "Hold" rating from analysts with a $33.00 price target, and TipRanks’ AI Analyst, Spark, rates HG as "Outperform" due to its strong financial performance and undervalued stock.
Hamilton Insurance Group (HG) CFO earns PSU payout and withholds shares for taxes
Hamilton Insurance Group's CFO, Craig Howie, received 87,464 Class B common shares from vested performance stock units following the company's certification of an 8.6% annualized underwriting return on capital for the three-year period ending December 31, 2025. To cover tax obligations, 34,374 shares were sold at $30.55 per share. After these transactions, Howie directly holds 261,629 shares, which include restricted stock units.
Hamilton Insurance Group (HG) executive granted PSUs; shares withheld for tax
Alexander James Baker, CEO of Hamilton Global Specialty, was granted 26,370 Class B common shares from vested performance stock units following Hamilton Insurance Group's strong underwriting performance. The company’s annualized underwriting return on capital over a three-year period, ending December 31, 2025, was 8.6%, leading to a 200% target payout. To cover tax obligations, 12,394 shares were withheld at $30.55 per share, leaving Baker with a direct ownership of 96,046 Class B common shares.
Hamilton Insurance (NYSE: HG) CEO gets PSU share award and tax withholding
Hamilton Insurance Group, Ltd. CEO Giuseppina Albo received 236,880 Class B Common Shares from the vesting of performance stock units (PSUs) on February 24, 2026, due to the company achieving 200% of its target performance payout. To cover tax obligations related to this vesting, 120,809 shares were withheld at a price of $30.55 per share. After these transactions, Albo directly owns 1,143,478 Class B Common Shares and indirectly holds 273,799 shares.
Hamilton Insurance (HG) PSUs vest; 18,284 shares granted, 8,594 withheld
Hamilton Insurance Group, Ltd. reported that Daniel Mark Fisher, Group Head of HR & Communications, received 18,284 Class B common shares due to the vesting of performance stock units (PSUs). The vesting was triggered by the company achieving an 8.6% annualized underwriting return on capital over a three-year period, resulting in a 200% target payout. To cover tax obligations, 8,594 shares were withheld, leaving Fisher with 98,353 Class B shares directly held.
Hamilton Insurance Group (HG) counsel gets 200% PSU share payout
Hamilton Insurance Group's Group General Counsel, Gemma Elizabeth Carreiro, received 22,448 Class B common shares at $0.00 per share. This grant was under the HG Equity Incentive Plan, following the certification of performance stock units based on the company's annualized underwriting return on capital. The company achieved an 8.6% return over three years, leading to a 200% payout of the target PSUs for Carreiro, who now holds 173,855 shares.
Wells Fargo Sticks to Its Buy Rating for Hamilton Insurance Group, Ltd. Class B (HG)
Wells Fargo maintained a Buy rating for Hamilton Insurance Group, Ltd. Class B (HG) with a price target of $34.00, following the company's shares closing at $30.97. Analyst Elyse Greenspan, rated 4-stars by TipRanks, covers the financial sector and also focuses on stocks like Allstate and Progressive. Hamilton Insurance Group, Ltd. Class B has a Strong Buy consensus among analysts, with an average price target of $33.40, indicating a 7.85% upside.
Expert Outlook: Hamilton Insurance Group Through The Eyes Of 4 Analysts
Four analysts have recently evaluated Hamilton Insurance Group (NYSE: HG), with their price targets averaging $34.0, an 11.48% increase from the previous average. These analysts, including Tommy McJoynt, Matthew Carletti, Elyse Greenspan, and Alex Scott, have raised their ratings and price targets, indicating a positive outlook for the company. Despite lagging in ROE and ROA, Hamilton Insurance Group demonstrates strong revenue growth and net margin, reflecting efficient cost management and profitability.
Hamilton Insurance Group Q4 Combined Ratios Test Bullish Underwriting Narratives
Hamilton Insurance Group (HG) ended FY 2025 with strong Q4 revenues and EPS, but its combined ratios varied significantly, testing bullish underwriting narratives. While Q2 and Q3 showed sub-90% combined ratios supporting improved profitability, Q1's 111.6% raises concerns about volatility in specialty and reinsurance lines. Despite a current low P/E ratio and strong trailing net income, analysts forecast slower future growth, suggesting a cautious outlook.
Hamilton Insurance Appoints Roston to Board, Committees
Hamilton Insurance Group announced that Marc N. Roston has been appointed to its Board of Directors, replacing H. Hawes Bostic, III as the shareholder-appointed representative. Roston will join the Investments and Technology Committees, bringing over 30 years of experience in financial analysis and business strategy. His appointment is expected to enhance the company's capital deployment and technology strategies as it continues its post-NYSE listing growth.
Wells Fargo Sticks to Its Buy Rating for Hamilton Insurance Group, Ltd. Class B (HG)
Wells Fargo maintained a Buy rating on Hamilton Insurance Group, Ltd. Class B (HG) with a price target of $34.00, following a report by analyst Elyse Greenspan. The company's shares closed yesterday at $30.97. Hamilton Insurance Group also received a reiterated Buy rating from KBW with a $35.00 price target, and has an overall analyst consensus of Strong Buy.
How Investors Are Reacting To Hamilton Insurance Group (HG) Special Dividend And Share Buyback Move
Hamilton Insurance Group declared a special dividend of US$2.00 per share and completed a share buyback of 5.65% of its shares, following strong 2025 financial results. This move highlights the company's commitment to returning capital to shareholders while maintaining its underwriting-focused earnings performance. Despite these capital returns, the article cautions investors about the inherent volatility in the specialty and reinsurance sectors, which is central to Hamilton's business model.
Hamilton Insurance Posts Record 2025 Results, Declares Special Dividend
Hamilton Insurance Group reported record results for 2025, with a net income of $576.7 million, a 22.4% return on average equity, and 20.7% growth in gross written premiums. The company's board also declared a $2.00 per share special dividend, reflecting strong capital generation. Analysts rate the stock as a Buy with a $30.00 price target, and TipRanks' AI Analyst Spark considers HG Outperform due to strong financials and an undervalued stock price.
Analysts Are Bullish on Top Financial Stocks: Jackson Financial Incorporation (JXN), LPL Financial (LPLA)
Analysts are expressing bullish sentiments on Jackson Financial Incorporation (JXN) and LPL Financial (LPLA). Barclays analyst Alex Scott maintained a Buy rating on Jackson Financial with a $138 price target, while William Blair analyst Jeff Schmitt maintained a Buy rating on LPL Financial. The consensus on LPL Financial is a Strong Buy with a significant upside potential.
Analysts Are Bullish on Top Financial Stocks: Jackson Financial Incorporation (JXN), LPL Financial (LPLA)
This article highlights bullish sentiments from financial analysts toward Jackson Financial Incorporation (JXN) and LPL Financial (LPLA). Barclays analyst Alex Scott maintained a Buy rating for JXN with a $138 price target, while William Blair analyst Jeff Schmitt maintained a Buy rating for LPLA, which has a Strong Buy consensus and a 36.5% upside.
Hamilton Insurance Posts Record 2025 Results, Declares Special Dividend
Hamilton Insurance Group reported record financial results for 2025, including $576.7 million in net income, a 22.4% return on average equity, and 20.7% growth in gross written premiums. The company also declared a $2.00 per share special cash dividend, highlighting its strong capital position and commitment to shareholder returns. Spark, TipRanks' AI Analyst, rates HG stock as "Outperform" due to its strong financial performance and undervalued price.
Earnings Summary: Hamilton Insurance Group Q4
Hamilton Insurance Group (NYSE: HG) reported its Q4 earnings on February 19, 2026, beating estimated earnings per share (EPS) by 81.32% with an EPS of $1.65 against an estimate of $0.91. The company's revenue increased by $157.83 million compared to the previous year. This positive performance follows a previous quarter where they also surpassed EPS estimates, leading to a 10.17% share price increase the following day.
Analysts Are Bullish on These Financial Stocks: Corebridge Financial, Inc. (CRBG), Apollo Global Management (APO)
Two financial stocks, Corebridge Financial, Inc. (CRBG) and Apollo Global Management (APO), have received bullish sentiments from analysts. Barclays analyst Alex Scott maintained a Buy rating on Corebridge Financial with a $34.00 price target, while Benjamin Budish from Barclays also maintained a Buy rating on Apollo Global Management, setting a price target of $158.00. Both companies show promising outlooks with consensus ratings of Moderate Buy for CRBG and Strong Buy for APO.
Is It Too Late To Consider Hamilton Insurance Group (HG) After A 57% One Year Rally?
Hamilton Insurance Group (HG) has rallied 57% in the past year, leading to questions about its current valuation. Analysis using an Excess Returns model and P/E ratio suggests the stock is significantly undervalued, with the Excess Returns model indicating 84.2% undervaluation and its P/E of 6.61x being below industry and peer averages. The article encourages investors to use "Narratives" beyond traditional metrics to form their own valuation perspectives.
Hamilton Insurance Group Governance Move As Compliance And Valuation Come Into Focus
Hamilton Insurance Group has appointed Moussa Thiam as Group Head of Compliance, signaling increased focus on governance and regulatory oversight as a public company. The stock NYSE:HG is trading near analyst targets and is flagged as undervalued by Simply Wall St, with strong recent short-term momentum. However, investors are advised to monitor significant insider selling over the past three months.
Analysts Offer Insights on Financial Companies: Hartford Insurance (HIG), T Rowe Price (TROW) and Cullen/Frost Bankers (CFR)
This article provides an overview of analyst ratings for three financial companies: Hartford Insurance (HIG), T Rowe Price (TROW), and Cullen/Frost Bankers (CFR). Morgan Stanley maintained a Hold rating for Hartford Insurance and T Rowe Price, while Maxim Group reiterated a Buy rating for Cullen/Frost Bankers. The article includes price targets, analyst performance metrics, and overall consensus ratings for each company.
Analysts Offer Insights on Financial Companies: Hartford Insurance (HIG), T Rowe Price (TROW) and Cullen/Frost Bankers (CFR)
Analysts have recently provided new ratings on several financial companies: Hartford Insurance (HIG), T Rowe Price (TROW), and Cullen/Frost Bankers (CFR). Morgan Stanley maintained a Hold rating for Hartford Insurance and T Rowe Price, while Maxim Group reiterated a Buy rating for Cullen/Frost Bankers. The article details the price targets, analyst consensus, and individual analyst performances for each company.
Analysts Offer Insights on Financial Companies: Allstate (ALL) and Prudential Financial (PRU)
BMO Capital analysts have provided updated ratings for financial companies Allstate and Prudential Financial. Michael Zaremski maintained a Buy rating for Allstate with a $249.00 price target, while Jack Matten issued a Sell rating for Prudential Financial with a $94.00 price target. The broader consensus for Allstate is a Moderate Buy, while for Prudential Financial it is a Hold.
Analysts Have Conflicting Sentiments on These Financial Companies: Marsh & McLennan Companies (MRSH) and Mastercard (MA)
BMO Capital analyst Michael Zaremski maintained a Hold rating on Marsh & McLennan Companies (MRSH) with a price target of $208.00, while Truist Financial analyst Matthew Coad maintained a Buy rating on Mastercard (MA). The overall analyst consensus for Marsh & McLennan is a Hold with an average price target of $203.87, and for Mastercard, it is a Strong Buy with an average price target of $666.19.
Analysts Offer Insights on Financial Companies: W. R. Berkley Corporation (WRB), Eagle Bancorp (EGBN) and Lakeland Financial (LKFN)
Analysts have issued neutral "Hold" ratings for W. R. Berkley Corporation (WRB), Eagle Bancorp (EGBN), and Lakeland Financial (LKFN), indicating neither strong bullish nor bearish sentiment. For WRB, KBW analyst Meyer Shields maintained a Hold with a $74.00 price target, though TipRanks – xAI downgraded it to Hold with a $73.00 price target, reflecting a modest upside. Eagle Bancorp also received a Hold rating from KBW's Catherine Mealor with a $25.00 price target, while TipRanks – OpenAI upgraded it to Hold with a $28.00 target, despite an overall consensus for a slight downside. Lakeland Financial received a Hold rating from KBW's Damon Delmonte with a $67.00 price target, and though the consensus is a Moderate Buy with an 11% upside, TipRanks – xAI downgraded it to Hold with a $62.00 price target. This suggests a cautious outlook across the board for these financial companies.
How Hamilton Insurance Group Ltd. Class B (HG) Affects Rotational Strategy Timing
This article analyzes Hamilton Insurance Group Ltd. Class B (HG) and its impact on rotational strategy timing, identifying a mid-channel oscillation pattern. It highlights an exceptional 21.4:1 risk-reward short setup and details institutional trading strategies including position trading, momentum breakout, and risk hedging. The analysis also provides multi-timeframe signal insights and real-time AI-generated signals for informed trading decisions.
Is Hamilton Insurance Group’s (HG) New Specialty CFO Hire Quietly Reshaping Its Global Leadership Strategy?
Hamilton Insurance Group recently appointed Michelle Li as CFO of Hamilton Global Specialty, a move seen as strengthening their London market finance depth rather than being immediately transformational for earnings. While her experience could reinforce risk controls during the company's growth, investors are encouraged to consider diverse fair value estimates and underlying risks, as reflected in the stock's potential undervaluation and multiple viewpoints from the Simply Wall St Community. The article emphasizes that Hamilton's investment narrative should prioritize its underwriting story and focuses on Li's role in reinforcing risk controls as the company expands.
Analysts Offer Insights on Financial Companies: Travelers Companies (TRV) and Ally Financial (ALLY)
Two financial companies, Travelers Companies (TRV) and Ally Financial (ALLY), recently received bullish ratings from analysts. Michael Zaremski of BMO Capital maintained a Buy rating for Travelers with a $297.00 price target, while Richard Shane of J.P. Morgan maintained a Buy rating for Ally Financial with a $48.00 price target. Both companies show potential upside according to the consensus of analysts.
Assessing Hamilton Insurance Group (HG) Valuation As Earnings And Sales Headwinds Raise Investor Concerns
Hamilton Insurance Group (HG) is facing investor concerns due to projected sales decline and reduced earnings per share, despite strong historical share price returns. The company appears undervalued with a P/E ratio of 6x compared to industry averages and an even lower valuation according to a DCF model, suggesting a potential long-term opportunity if earnings quality is maintained. Investors are encouraged to consider these factors and explore other investment ideas if HG doesn't fully align with their strategies.
Analysts’ Top Financial Picks: Prudential Financial (PRU), First Horizon (FHN)
Analysts have issued neutral ratings for Prudential Financial (PRU) and First Horizon (FHN), indicating neither a bullish nor bearish outlook on these financial stocks. Morgan Stanley maintained a Hold rating on Prudential Financial with a $120.00 price target, while Evercore ISI maintained a Hold rating on First Horizon with a $26.00 price target. The consensus for Prudential Financial is Hold with a 4.1% upside, and for First Horizon, it's a Moderate Buy with a 10.5% upside.
