The Manufacturers Life Insurance Company lessened its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG – Free Report) by 15.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 253,216 shares of the insurance provider’s stock after selling 47,997 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in The Hartford Insurance Group were worth $34,242,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new stake in shares of The Hartford Insurance Group during the first quarter valued at about $4,131,000. Abacus Wealth Partners LLC bought a new position in The Hartford Insurance Group in the 4th quarter valued at about $1,971,000. SEB Asset Management AB bought a new position in The Hartford Insurance Group in the 1st quarter valued at about $69,310,000. Strs Ohio increased its stake in The Hartford Insurance Group by 4.7% during the 1st quarter. Strs Ohio now owns 199,619 shares of the insurance provider’s stock valued at $26,994,000 after buying an additional 8,890 shares during the period. Finally, Arbejdsmarkedets Tillaegspension increased its stake in The Hartford Insurance Group by 4.6% during the 1st quarter. Arbejdsmarkedets Tillaegspension now owns 187,110 shares of the insurance provider’s stock valued at $25,303,000 after buying an additional 8,250 shares during the period. Institutional investors own 93.42% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have recently weighed in on HIG. Barclays reduced their price target on shares of 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. Piper Sandler reiterated a “neutral” rating and set a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a research note on Wednesday, July 15th. JPMorgan Chase & Co. boosted their target price on The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Keefe, Bruyette & Woods upped their target price on The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a “market perform” rating in a research report on Tuesday. Finally, Cantor Fitzgerald increased their price target on The Hartford Insurance Group from $156.00 to $158.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $149.67.
Insider Buying and Selling
In related news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction that occurred 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 directly owned 38,208 shares of the company’s stock, valued at $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The transaction 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 corporate insiders.
The Hartford Insurance Group Price Performance
Shares of The Hartford Insurance Group stock opened at $141.97 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The company’s 50-day moving average price is $134.51 and its two-hundred day moving average price is $135.72. The Hartford Insurance Group, Inc. has a 52 week low of $120.33 and a 52 week high of $146.07. The stock has a market cap of $38.46 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 3.50 and a beta of 0.47.
The Hartford Insurance Group (NYSE:HIG – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $0.26. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The company had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the prior year, the company earned $3.41 EPS. The Hartford Insurance Group’s revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts anticipate that The Hartford Insurance Group, Inc. will post 12.84 EPS for the current fiscal year.
The Hartford Insurance Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 1.7%. The Hartford Insurance Group’s dividend payout ratio is currently 15.51%.
The Hartford Insurance Group Company Profile
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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