Eastern Bank Sells 2,437 Shares of The Hartford Insurance Group, Inc. $HIG

Eastern Bank decreased its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 1.5% during the 2nd quarter, Holdings Channel reports. The firm owned 161,168 shares of the insurance provider’s stock after selling 2,437 shares during the quarter. Eastern Bank’s holdings in The Hartford Insurance Group were worth $20,447,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in HIG. Park Square Financial Group LLC raised its stake in The Hartford Insurance Group by 146.2% during the 1st quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider’s stock worth $32,000 after buying an additional 155 shares during the period. Center for Financial Planning Inc. acquired a new position in The Hartford Insurance Group during the 1st quarter worth approximately $33,000. Meeder Asset Management Inc. raised its stake in The Hartford Insurance Group by 123.8% during the 1st quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider’s stock worth $36,000 after buying an additional 161 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in The Hartford Insurance Group during the 1st quarter worth approximately $37,000. Finally, Signature Resources Capital Management LLC acquired a new position in The Hartford Insurance Group during the 2nd quarter worth approximately $38,000. Institutional investors own 93.42% of the company’s stock.

The Hartford Insurance Group Stock Performance

Shares of HIG opened at $128.89 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $36.24 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.26 and a beta of 0.69. The stock has a 50 day moving average of $131.46 and a 200 day moving average of $126.32. The Hartford Insurance Group, Inc. has a 12 month low of $104.93 and a 12 month high of $135.17.

The Hartford Insurance Group (NYSE:HIG) last issued its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.58. The company had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The Hartford Insurance Group’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the business posted $2.50 earnings per share. As a group, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, September 2nd. The Hartford Insurance Group’s dividend payout ratio (DPR) is presently 18.86%.

Insider Buying and Selling

In related news, EVP Donald Christian Hunt sold 2,124 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $133.87, for a total transaction of $284,339.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Beth Ann Costello sold 35,340 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $123.50, for a total value of $4,364,490.00. Following the completion of the sale, the chief financial officer directly owned 77,574 shares of the company’s stock, valued at $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Piper Sandler upped their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. upped their price target on The Hartford Insurance Group from $142.00 to $143.00 and gave the stock a “neutral” rating in a research note on Thursday. Cantor Fitzgerald began coverage on The Hartford Insurance Group in a research note on Wednesday, August 13th. They issued an “overweight” rating and a $152.00 price objective for the company. Barclays lowered their price objective on The Hartford Insurance Group from $145.00 to $142.00 and set an “overweight” rating for the company in a research note on Monday, July 7th. Finally, Citigroup began coverage on The Hartford Insurance Group in a research note on Wednesday, August 13th. They issued a “neutral” rating and a $138.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, The Hartford Insurance Group currently has an average rating of “Moderate Buy” and an average target price of $140.07.

About The Hartford Insurance Group

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.