The Hartford Insurance Group (NYSE:HIG – Get Free Report) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.
A number of other analysts also recently issued reports on HIG. Wells Fargo & Company decreased their price target on The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating for the company in a report on Monday. Royal Bank Of Canada increased their price objective on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a “sector perform” rating in a report on Monday. Weiss Ratings lowered The Hartford Insurance Group from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Wednesday, May 27th. Barclays decreased their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, June 12th. Finally, Keefe, Bruyette & Woods upped their price target on The Hartford Insurance Group from $143.00 to $144.00 and gave the company a “market perform” rating in a report on Tuesday. Eight analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, The Hartford Insurance Group currently has an average rating of “Hold” and an average price target of $149.06.
Check Out Our Latest Stock Analysis on HIG
The Hartford Insurance Group Price Performance
The Hartford Insurance Group (NYSE:HIG – Get Free Report) last issued its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $0.26. The firm had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The company’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.41 earnings per share. Equities analysts forecast that The Hartford Insurance Group will post 12.73 EPS for the current fiscal year.
Insider Buying and Selling
In related news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the completion of the sale, the president owned 38,208 shares in the company, valued at $5,163,047.04. This represents a 18.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On The Hartford Insurance Group
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its stake in shares of The Hartford Insurance Group by 286,241.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider’s stock worth $10,178,152,000 after buying an additional 73,835,976 shares during the period. Norges Bank acquired a new position in The Hartford Insurance Group in the 4th quarter valued at about $611,724,000. Allianz Asset Management GmbH increased its position in The Hartford Insurance Group by 131.1% in the 4th quarter. Allianz Asset Management GmbH now owns 1,632,082 shares of the insurance provider’s stock valued at $224,901,000 after acquiring an additional 925,789 shares during the period. Balyasny Asset Management L.P. raised its stake in The Hartford Insurance Group by 6,431.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider’s stock valued at $85,829,000 after acquiring an additional 633,592 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI raised its stake in The Hartford Insurance Group by 208.2% during the 3rd quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider’s stock valued at $106,708,000 after acquiring an additional 540,445 shares during the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.
About The Hartford Insurance Group
The Hartford Financial Services Group, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.
Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.
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