In this article, we discuss 5 best insurance stocks under $70. If you want to read about some more insurance stocks, go directly to 10 Best Insurance Stocks Under $70.
5. Fidelity National Information Services, Inc. (NYSE:FIS)
Number of Hedge Fund Holders: 67
Share Price as of October 13: $38.87
Fidelity National Information Services, Inc. (NYSE:FIS) provides technology solutions for merchants, banks, and capital markets worldwide. It is one of the best insurance stocks to invest in. On August 4, Fidelity National Information Services, Inc. (NYSE:FIS) posted earnings for the second quarter of 2022, reporting earnings per share of $1.90, beating estimates by $0.29. The revenue over the period was $2.63 billion.
On September 23, Deutsche Bank analyst Bryan Keane maintained a Hold rating on Fidelity National Information Services, Inc. (NYSE:FIS) stock and lowered the price target to $90 from $116.
At the end of the second quarter of 2022, 67 hedge funds in the database of Insider Monkey held stakes worth $3.3 billion in Fidelity National Information Services, Inc. (NYSE:FIS), compared to 68 in the preceding quarter worth $3.95 billion.
In its Q1 2022 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and Fidelity National Information Services, Inc. (NYSE:FIS) was one of them. Here is what the fund said:
“Other fiscal-year detractors included Fidelity National Information Services (NYSE:FIS). FIS has been our most disappointing investment in the Covid era. Unlike Meta, the stock trades well below our average cost. The business itself has been relatively durable, but the stock certainly has not. While the core elements of our bullish thesis remain firmly intact, hindsight tells us that we could have waited for a better entry point. From today’s stock price, which is what matters now, we think the risk/reward balance is favorable.”
4. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Number of Hedge Fund Holders: 28
Share Price as of October 13: $63.67
The Hartford Financial Services Group, Inc. (NYSE:HIG) provides insurance and financial services to individual and business customers internationally. It is one of the top insurance stocks to invest in. On August 1, Barclays analyst Tracy Benguigui maintained an Overweight rating on The Hartford Financial Services Group, Inc. (NYSE:HIG) stock and lowered the price target to $78 from $80, appreciating the second quarter earnings of the firm.
Among the hedge funds being tracked by Insider Monkey, Columbus-based investment firm Diamond Hill Capital is a leading shareholder in The Hartford Financial Services Group, Inc. (NYSE:HIG), with 3.5 million shares worth more than $230 million.
In its Q3 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and The Hartford Financial Services Group, Inc. (NYSE:HIG) was one of them. Here is what the fund said:
“Financials continued to gain from the economic recovery from COVID-19. Insurance companies, such as The Hartford Financial Services Group, Inc. (NYSE:HIG), benefited from rate increases and margin improvements during the quarter, as well as historically high retention and premium growth driving an improvement in ROE.”
3. Aflac Incorporated (NYSE:AFL)
Number of Hedge Fund Holders: 32
Share Price as of October 13: $57.41
Aflac Incorporated (NYSE:AFL) provides supplemental health and life insurance products. It is one of the premier insurance stocks to invest in. On August 18, the company announced that it would be adding mental health conditions to its individual short term disability insurance product coverage. This coverage comes after preliminary data revealed that 53 million adults in the US experienced mental illness in 2020, of which 46% of adults received treatment.
Among the hedge funds being tracked by Insider Monkey, London-based firm Marshall Wace LLP is a leading shareholder in Aflac Incorporated (NYSE:AFL), with 1.1 million shares worth more than $61.7 million.
In its Q2 2021 investor letter, Madison Funds, an asset management firm, highlighted a few stocks and Aflac Incorporated (NYSE:AFL) was one of them. Here is what the fund said:
“This quarter we are highlighting Aflac Incorporated (NYSE:AFL) as a relative yield example in the Financial sector. AFL is a leading provider of life and supplemental medical insurance in Japan and the U.S. AFL products offer financial protection against loss of income for policy holders based on qualifying health events. Aflac Japan generates approximately 70% of total revenues, and the company has dominant market share in Japan. In the U.S., AFL provides voluntary insurance for policy holders at businesses with products sold through payroll deduction by its large sales force which sells primarily through face-to-face interactions. We believe AFL’s dominant market position in Japan and its large U.S. sales force create a sustainable competitive advantage for the company.
Our thesis on AFL is that its sales will recover from the impact of the COVID pandemic, and it will return significant amount of capital to shareholders. Sales were negatively impacted in both Japan and the U.S. but appear to be in early stages of recovering. We believe sales will improve further as economies open and new products are introduced in Japan. In the U.S., agents will be able to return to face-to-face interactions as people get vaccinated, something that was restricted last year (…read more)
2. MetLife, Inc. (NYSE:MET)
Number of Hedge Fund Holders: 36
Share Price as of October 13: $62.58
MetLife, Inc. (NYSE:MET) is a financial services company that provides insurance, annuities, employee benefits, and asset management services worldwide. It is one of the major insurance stocks to invest in. On August 29, the company revealed that it had purchased Affirmative Investment Management, a specialist in global ESG and fixed income investment manager. The move is part of a plan to strengthen the environmental, social, and governance investments and reporting capabilities of the former.
On September 22, investment advisory Raymond James initiated coverage of MetLife, Inc. (NYSE:MET) stock with a Market Perform rating and a $73 price target. Analyst Wilma Burdis issued the ratings update.
At the end of the second quarter of 2022, 36 hedge funds in the database of Insider Monkey held stakes worth $613 million in MetLife, Inc. (NYSE:MET), compared to 39 in the preceding quarter worth $945.5 million.
1. Voya Financial, Inc. (NYSE:VOYA)
Number of Hedge Fund Holders: 36
Share Price as of October 13: $62.38
Voya Financial, Inc. (NYSE:VOYA) operates as a retirement, investment, and employee benefits company in the United States. It is one of the elite insurance stocks to invest in. On August 2, the company announced that Voya Investment Management, the asset management business of the firm, had agreed to acquire Czech Asset Management, a private credit asset manager. The terms of the deal were not disclosed. The deal is expected to close in the fourth quarter of 2022.
On September 22, Raymond James analyst Wilma Burdis initiated coverage of Voya Financial, Inc. (NYSE:VOYA) with a Strong Buy rating and an $84 price target, noting that the company’s high quality Wealth Solutions and Investment Management businesses were poised for growth.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Management is a leading shareholder in Voya Financial, Inc. (NYSE:VOYA), with 4.7 million shares worth more than $279.7 million.
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