Wedbush Securities Inc. Lowers Position in The Hartford Insurance Group, Inc. $HIG

Wedbush Securities Inc. cut its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 6.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,442 shares of the insurance provider’s stock after selling 597 shares during the period. Wedbush Securities Inc.’s holdings in The Hartford Insurance Group were worth $1,071,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Ipsen Advisor Group LLC increased its position in shares of The Hartford Insurance Group by 8.7% during the 2nd quarter. Ipsen Advisor Group LLC now owns 3,980 shares of the insurance provider’s stock valued at $505,000 after purchasing an additional 319 shares during the last quarter. Sustainable Insight Capital Management LLC bought a new position in shares of The Hartford Insurance Group during the 2nd quarter valued at $2,153,000. Savant Capital LLC boosted its position in The Hartford Insurance Group by 12.0% during the second quarter. Savant Capital LLC now owns 34,663 shares of the insurance provider’s stock valued at $4,398,000 after buying an additional 3,724 shares during the period. HORAN Wealth LLC bought a new stake in shares of The Hartford Insurance Group in the 2nd quarter valued at about $411,000. Finally, Sienna Gestion grew its position in The Hartford Insurance Group by 9.8% during the 2nd quarter. Sienna Gestion now owns 64,592 shares of the insurance provider’s stock worth $7,482,000 after acquiring an additional 5,790 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on HIG. Morgan Stanley increased their price objective on The Hartford Insurance Group from $135.00 to $140.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Citigroup began coverage on shares of The Hartford Insurance Group in a report on Wednesday, August 13th. They issued a “neutral” rating and a $138.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of The Hartford Insurance Group from $142.00 to $143.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. UBS Group boosted their target price on The Hartford Insurance Group from $150.00 to $152.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, Piper Sandler lifted their price target on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $140.14.

The Hartford Insurance Group Stock Performance

The Hartford Insurance Group stock opened at $129.29 on Monday. The stock’s 50 day moving average is $129.49 and its 200 day moving average is $127.62. The company has a market capitalization of $36.03 billion, a P/E ratio of 10.56, a PEG ratio of 1.19 and a beta of 0.69. The Hartford Insurance Group, Inc. has a twelve month low of $104.93 and a twelve month high of $135.17. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

The Hartford Insurance Group (NYSE:HIG) last issued its quarterly earnings results on Monday, October 27th. The insurance provider reported $3.78 earnings per share for the quarter, beating the consensus estimate of $3.02 by $0.76. The Hartford Insurance Group had a return on equity of 21.07% and a net margin of 12.75%.The firm had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period last year, the company earned $2.53 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. On average, equities research analysts predict that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 5th. Shareholders of record on Monday, December 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, December 1st. This is a positive change from The Hartford Insurance Group’s previous quarterly dividend of $0.52. The Hartford Insurance Group’s dividend payout ratio is 19.61%.

Insider Buying and Selling at The Hartford Insurance Group

In other news, EVP Donald Christian Hunt sold 2,124 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $133.87, for a total transaction of $284,339.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lori A. Rodden sold 7,841 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $122.41, for a total transaction of $959,816.81. Following the transaction, the executive vice president owned 18,400 shares in the company, valued at approximately $2,252,344. This trade represents a 29.88% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.50% of the stock is owned by insiders.

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.