Pictet Asset Management Holding SA reduced its stake in The Hartford Insurance Group, Inc. (NYSE:HIG – Free Report) by 10.1% during the third quarter, Holdings Channel.com reports. The fund owned 288,976 shares of the insurance provider’s stock after selling 32,554 shares during the quarter. Pictet Asset Management Holding SA’s holdings in The Hartford Insurance Group were worth $35,364,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of The Hartford Insurance Group in the second quarter valued at approximately $4,067,052,000. Dimensional Fund Advisors LP grew its stake in The Hartford Insurance Group by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,699,459 shares of the insurance provider’s stock worth $635,490,000 after purchasing an additional 72,448 shares in the last quarter. Bank of America Corp DE increased its holdings in The Hartford Insurance Group by 2.1% during the 1st quarter. Bank of America Corp DE now owns 3,831,622 shares of the insurance provider’s stock worth $518,150,000 after purchasing an additional 79,827 shares during the period. First Trust Advisors LP increased its holdings in The Hartford Insurance Group by 5.8% during the 1st quarter. First Trust Advisors LP now owns 3,461,607 shares of the insurance provider’s stock worth $468,113,000 after purchasing an additional 189,916 shares during the period. Finally, Legal & General Group Plc purchased a new position in The Hartford Insurance Group during the 2nd quarter worth $346,877,000. 93.42% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, CFO Beth Costello sold 31,597 shares of The Hartford Insurance Group stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $135.75, for a total value of $4,289,292.75. Following the transaction, the chief financial officer directly owned 82,988 shares in the company, valued at approximately $11,265,621. This trade represents a 27.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.30% of the company’s stock.
The Hartford Insurance Group Price Performance
NYSE HIG opened at $137.81 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.28 and a current ratio of 0.28. The firm’s 50 day moving average price is $132.67 and its 200-day moving average price is $135.56. The Hartford Insurance Group, Inc. has a 52-week low of $120.42 and a 52-week high of $146.07. The company has a market cap of $36.85 billion, a PE ratio of 8.34, a P/E/G ratio of 1.90 and a beta of 0.48.
The Hartford Insurance Group (NYSE:HIG – Get Free Report) last issued its quarterly earnings data on Monday, October 26th. The insurance provider reported $3.50 EPS for the quarter, topping analysts’ consensus estimates of $3.17 by $0.33. The company had revenue of $7.22 billion during the quarter, compared to the consensus estimate of $7.37 billion. The Hartford Insurance Group had a net margin of 15.85% and a return on equity of 20.93%. The Hartford Insurance Group’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.78 earnings per share. Sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 13.34 EPS for the current fiscal year.
The Hartford Insurance Group Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.67 per share. This is a boost from The Hartford Insurance Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $2.68 annualized dividend and a yield of 1.9%. The Hartford Insurance Group’s payout ratio is 14.53%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on HIG shares. Royal Bank Of Canada lifted their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a “sector perform” rating in a research report on Monday, July 27th. Truist Financial initiated coverage on The Hartford Insurance Group in a research report on Monday, October 12th. They set a “hold” rating and a $137.00 price target on the stock. Piper Sandler lowered The Hartford Insurance Group from an “overweight” rating to a “neutral” rating and cut their price target for the company from $148.00 to $146.00 in a research note on Wednesday, July 15th. Morgan Stanley decreased their price objective on The Hartford Insurance Group from $145.00 to $135.00 and set an “equal weight” rating for the company in a report on Tuesday, October 6th. Finally, Cantor Fitzgerald decreased their price objective on The Hartford Insurance Group from $145.00 to $136.00 and set an “overweight” rating for the company in a report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, The Hartford Insurance Group has a consensus rating of “Hold” and a consensus target price of $144.69.
Check Out Our Latest Research Report on HIG
The Hartford Insurance Group Profile
The Hartford Financial Services Group, Inc., known as The Hartford, is a U.S.-based insurance company founded in 1810 and headquartered in Hartford, Connecticut. It provides property and casualty insurance and employee benefits to businesses, organizations and individuals. Its commercial insurance offerings include coverage such as workers’ compensation, general liability, commercial auto and property insurance. The company also provides group benefits, including life, disability and leave-management products, along with personal auto and homeowners insurance, which it offers through arrangements including its relationship with AARP.
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