In this article, we discuss 5 cheap insurance stocks to buy now. If you want to read about some more insurance stocks, go directly to 10 Cheap Insurance Stocks to Buy Now.
5. Manulife Financial Corporation (NYSE:MFC)
Number of Hedge Fund Holders: 15
Share Price as of October 20: $21.93
Manulife Financial Corporation (NYSE:MFC) provides financial products and services internationally. It is one of the best insurance stocks to invest in. On October 17, the company announced that Manulife Investment Management, the global wealth and asset management division of the firm, had acquired two agricultural properties in California totaling 1.4K acres of land. The properties consist of a 500-acre almond and citrus orchard as well as a 900-acre pistachio orchard.
On October 12, Barclays analyst John Aiken maintained an Overweight rating on Manulife Financial (NYSE:MFC) stock and lowered the price to C$29 from C$30.
At the end of the second quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $155 million in Manulife Financial Corporation (NYSE:MFC), compared to 19 in the preceding quarter worth $517.5 million.
In its Q2 2022 investor letter, Harding Loenver, an asset management firm, highlighted a few stocks and Manulife Financial Corporation (NYSE:MFC) was one of them. Here is what the fund said:
“Manulife Financial Corporation (NYSE:MFC), the Canadian life insurer operating primarily in North America and Asia, is a new holding. Manulife offers a full suite of life insurance products as well as retirement and wealth management services. While the wealth management and retirement products appeal to the aging populations of the Western world, long-term life insurance products address the needs of the growing number of middle-class families in places like China and southeast Asia. COVID-19-induced lockdowns in China brought the shares down to a significant discount to our estimate of long-term value. The holding now serves as a nice diversifier to our Asia-centered insurers AIA and Ping An.”
4. Arch Capital Group Ltd. (NASDAQ:ACGL)
Number of Hedge Fund Holders: 23
Share Price as of October 20: $48.72
Arch Capital Group Ltd. (NASDAQ:ACGL) provides insurance, reinsurance, and mortgage insurance products worldwide. It is one of the top insurance stocks to invest in. On September 30, Arch Mortgage Insurance, a wholly owned subsidiary of Arch Capital Group, stated that it obtained over $358 million indemnification reinsurance on a pool representing approximately $51.7 billion of mortgages from Bellemeade Re, a Bermuda-based special purpose firm.
On October 14, investment advisory Barclays maintained an Overweight rating on Arch Capital (NASDAQ:ACGL) stock and raised the price target to $55 from $53. Analyst Tracy Benguigui issued the ratings update.
Among the hedge funds being tracked by Insider Monkey, San Francisco-based investment firm FPR Partners is a leading shareholder in Arch Capital Group Ltd. (NASDAQ:ACGL), with 10.5 million shares worth more than $476.6 million.
3. Old Republic International Corporation (NYSE:ORI)
Number of Hedge Fund Holders: 25
Share Price as of October 20: $22.81
Old Republic International Corporation (NYSE:ORI) engages in the insurance underwriting business primarily in the United States and Canada. It is one of the major insurance stocks to invest in. On October 13, the company said it had acquired the operating assets of Veritas Title Partners. The terms of the deal were not disclosed. Veritas is a Houston-based commercial escrow services and underwriting services provider.
At the end of the second quarter of 2022, 25 hedge funds in the database of Insider Monkey held stakes worth 231 million in Old Republic International Corporation (NYSE:ORI), compared to 28 in the previous quarter worth $314.7 million.
2. Lincoln National Corporation (NYSE:LNC)
Number of Hedge Fund Holders: 34
Share Price as of October 20: $48.47
Lincoln National Corporation (NYSE:LNC) operates multiple insurance and retirement businesses in the United States. It is one of the prominent insurance stocks to invest in. On September 27, Lincoln Financial Group, a subsidiary of Lincoln National Group, revealed that its wholesale distribution franchise, Lincoln Financial Distributors, has signed a partnership deal with a tech enabled life insurance brokerage, Modern Life. In this partnership, Lincoln’s life insurance product portfolio will be delivered on the digital platform of Modern Life.
On October 7, JPMorgan analyst Jimmy Bhullar maintained an Overweight rating on Lincoln National Corp (NYSE:LNC) stock and lowered the price target to $68 from $77, noting that the rise in interest rates is a notable positive and should alleviate, although not eliminate, tail risk in legacy blocks.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Lyrical Asset Management is a leading shareholder Lincoln National Corporation (NYSE:LNC), with 3.97 million shares worth more than $185.6 million.
In its Q2 2022 investor letter, Chartwell Investment Partners, an asset management firm, highlighted a few stocks and Lincoln National Corporation (NYSE:LNC) was one of them. Here is what the fund said:
“The three worst-performing stocks in the Dividend Equity accounts includes Lincoln National (NYSE:LNC, 1.9%), down 27.9%. Lincoln’s quarterly results were weak in both life insurance and annuity sales, but we remain positive on the stock given the company’s ongoing de-risking initiatives, leverage to higher rates, and discounted valuation.”
1. Equitable Holdings, Inc. (NYSE:EQH)
Number of Hedge Fund Holders: 38
Share Price as of October 20: $28.14
Equitable Holdings, Inc. (NYSE:EQH) operates as a diversified financial services company worldwide. It is one of the elite insurance stocks to invest in. On August 17, Equity Holdings revealed that it has acquired Penn Investment Advisors, a portfolio risk analysis and wealth management service provider, to expand its wealth management business. Equitable Advisors has 4,200 financial and administration assets worth $70.8 billion.
On August 18, Barclays analyst Tracy Benguigui maintained an Overweight rating on Equitable Holdings (NYSE:EQH) stock and raised the price target to $36 from $32, highlighting the company’s institutional deal with Global Atlantic.
At the end of the second quarter of 2022, 38 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Equitable Holdings, Inc. (NYSE:EQH), compared to 44 the preceding quarter worth $1.6 billion.
You can also take a peek at 10 Best MLP Dividend Stocks to Buy and 10 Best Stocks to Buy According to Billionaire Dan Loeb.
