1832 Asset Management L.P. Reduces Stock Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• 1832 Asset Management L.P. reduced its stake in The Hartford Insurance Group by 12.6%, owning 25,553 shares worth approximately $3.16 million after selling 3,681 shares during the first quarter.
• The CFO, Beth Ann Costello, sold 35,340 shares at an average price of $123.50, leading to a 31.30% decrease in her ownership of the stock.
• The Hartford reported $3.41 EPS for the last quarter, significantly beating estimates, with projected earnings for the current fiscal year forecasted at 11.11 EPS.

1832 Asset Management L.P. reduced its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,553 shares of the insurance provider's stock after selling 3,681 shares during the period. 1832 Asset Management L.P.'s holdings in The Hartford Insurance Group were worth $3,162,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HIG. GAMMA Investing LLC boosted its stake in The Hartford Insurance Group by 14,049.5% during the first quarter. GAMMA Investing LLC now owns 1,424,009 shares of the insurance provider's stock worth $1,761,930,000 after buying an additional 1,413,945 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of The Hartford Insurance Group by 48.1% during the 4th quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider's stock worth $247,761,000 after acquiring an additional 735,170 shares during the period. Nuveen LLC acquired a new position in shares of The Hartford Insurance Group during the 1st quarter valued at about $87,516,000. Northern Trust Corp grew its holdings in shares of The Hartford Insurance Group by 17.2% in the fourth quarter. Northern Trust Corp now owns 3,537,665 shares of the insurance provider's stock valued at $387,021,000 after purchasing an additional 519,717 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in The Hartford Insurance Group during the fourth quarter worth about $46,271,000. Institutional investors and hedge funds own 93.42% of the company's stock.

Analyst Upgrades and Downgrades

HIG has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Wells Fargo & Company upped their price target on The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Citigroup assumed coverage on The Hartford Insurance Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Finally, Barclays decreased their target price on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a research report on Monday, July 7th. Seven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $137.64.

Insider Buying and Selling

In related news, CFO Beth Ann Costello sold 35,340 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $123.50, for a total value of $4,364,490.00. Following the transaction, the chief financial officer owned 77,574 shares of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by company insiders.

The Hartford Insurance Group Stock Down 0.6%

Shares of NYSE:HIG traded down $0.84 during trading on Thursday, hitting $132.23. The company's stock had a trading volume of 1,013,804 shares, compared to its average volume of 1,635,568. The Hartford Insurance Group, Inc. has a fifty-two week low of $104.93 and a fifty-two week high of $134.93. The business has a 50 day moving average price of $126.09 and a two-hundred day moving average price of $122.84. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $37.18 billion, a PE ratio of 11.99, a P/E/G ratio of 1.29 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.83 by $0.58. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The firm had revenue of $6.99 billion during the quarter, compared to analyst estimates of $7.02 billion. During the same period last year, the business posted $2.50 earnings per share. The Hartford Insurance Group's revenue was up 7.7% compared to the same quarter last year. As a group, research analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The Hartford Insurance Group's payout ratio is presently 18.86%.

The Hartford Insurance Group Company Profile

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.