The Hartford Insurance Group, Inc. (NYSE:HIG) Announces Dividend Increase - $0.67 Per Share

Key Points

• The Hartford increased its quarterly dividend 11.7% to $0.67 per share, or $2.68 annualized, representing a 2.0% yield. The dividend is payable January 5 to shareholders of record December 1.
• The company has raised its dividend for 12 consecutive years, with a low 18.5% payout ratio, indicating substantial earnings coverage and room for continued payments.
• Hartford reported quarterly earnings of $3.50 per share, exceeding estimates of $3.17, while revenue reached $7.22 billion. Analysts maintain a consensus “Hold” rating with an average price target of $145.25.

The Hartford Insurance Group, Inc. (NYSE:HIG - Get Free Report) announced a quarterly dividend on Monday, October 26th. Stockholders of record on Tuesday, December 1st will be paid a dividend of $0.67 per share by the insurance provider on Tuesday, January 5th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, December 1st. This is a 11.7% increase from The Hartford Insurance Group's previous quarterly dividend of $0.60.

The Hartford Insurance Group has raised its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 12 years. The Hartford Insurance Group has a payout ratio of 18.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect The Hartford Insurance Group to earn $13.77 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 17.4%.

The Hartford Insurance Group Trading Down 0.6%

NYSE HIG opened at $135.98 on Tuesday. The Hartford Insurance Group has a 12 month low of $120.33 and a 12 month high of $146.07. 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 stock has a 50 day moving average of $133.45 and a 200-day moving average of $135.44. The company has a market cap of $36.83 billion, a PE ratio of 9.53, a PEG ratio of 2.23 and a beta of 0.49.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Monday, October 26th. The insurance provider reported $3.50 earnings per share for the quarter, topping analysts' consensus estimates of $3.17 by $0.33. The business had revenue of $7.22 billion for the quarter, compared to the consensus estimate of $7.37 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm's revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $3.78 earnings per share. On average, equities research analysts anticipate that The Hartford Insurance Group will post 12.88 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of The Hartford Insurance Group from $144.00 to $137.00 and set a "market perform" rating for the company in a research report on Monday, October 12th. Royal Bank Of Canada upped their target price on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a report on Monday, July 27th. Cantor Fitzgerald raised their target price on shares of The Hartford Insurance Group from $144.00 to $145.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Piper Sandler reiterated a "neutral" rating and set a $146.00 price target (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Finally, Morgan Stanley lowered their price target on The Hartford Insurance Group from $145.00 to $135.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $145.25.

About The Hartford Insurance Group

The Hartford Insurance Group, Inc, commonly known as The Hartford, is a financial services and insurance company headquartered in Hartford, Connecticut. Founded in 1810, the company provides property and casualty insurance, employee benefits, and related services to businesses, individuals, and organizations primarily in the United States.

The Hartford's commercial insurance operations offer coverage for businesses of various sizes, including commercial auto, workers' compensation, property, general liability, and specialty insurance.

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