49 Wealth Management LLC Invests $1.07 Million in The Hartford Insurance Group, Inc. $HIG

Key Points

• 49 Wealth Management LLC disclosed a new fourth-quarter stake in The Hartford Insurance Group, buying 7,790 shares valued at about $1.07 million.
• Insider activity included EVP Lori A. Rodden selling 40,693 shares for about $5.62 million, cutting her direct ownership by 61.58%.
• The Hartford reported Q1 earnings of $3.09 per share, missing analyst expectations, while revenue rose 6.1% year over year; analysts still rate the stock Moderate Buy with an average price target of $149.31.

49 Wealth Management LLC purchased a new stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,790 shares of the insurance provider's stock, valued at approximately $1,073,000.

Several other hedge funds have also added to or reduced their stakes in HIG. Cornerstone Planning Group LLC boosted its holdings in shares of The Hartford Insurance Group by 707.7% during the 3rd quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider's stock worth $26,000 after buying an additional 184 shares during the period. JPL Wealth Management LLC acquired a new stake in The Hartford Insurance Group during the third quarter worth approximately $26,000. United Financial Planning Group LLC acquired a new stake in The Hartford Insurance Group during the third quarter worth approximately $29,000. Sunbelt Securities Inc. bought a new stake in shares of The Hartford Insurance Group during the third quarter worth approximately $29,000. Finally, Barnes Dennig Private Wealth Management LLC boosted its holdings in shares of The Hartford Insurance Group by 144.8% during the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock worth $35,000 after acquiring an additional 152 shares during the period. Institutional investors and hedge funds own 93.42% of the company's stock.

Insider Transactions at The Hartford Insurance Group

In related news, EVP Lori A. Rodden sold 40,693 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the transaction, the executive vice president directly owned 25,392 shares in the company, valued at $3,505,365.60. This represents a 61.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

HIG has been the topic of a number of recent research reports. Barclays lowered their target price on The Hartford Insurance Group from $159.00 to $156.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $149.00 price target (down from $163.00) on shares of The Hartford Insurance Group in a research note on Monday, March 30th. Morgan Stanley upped their price objective on The Hartford Insurance Group from $140.00 to $142.00 and gave the company an "equal weight" rating in a report on Tuesday, February 3rd. UBS Group dropped their target price on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a report on Monday, April 27th. Finally, Citigroup boosted their target price on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the company a "neutral" rating in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $149.31.

The Hartford Insurance Group Stock Performance

Shares of NYSE:HIG opened at $131.94 on Monday. The Hartford Insurance Group, Inc. has a 1 year low of $119.61 and a 1 year high of $144.50. The stock has a market capitalization of $36.17 billion, a price-to-earnings ratio of 9.27, a price-to-earnings-growth ratio of 2.36 and a beta of 0.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The company's 50 day simple moving average is $136.85 and its 200 day simple moving average is $135.14.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share for the quarter, missing the consensus estimate of $3.39 by ($0.30). The business had revenue of $14.45 billion for the quarter, compared to the consensus estimate of $7.41 billion. The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The firm's revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.20 earnings per share. As a group, research analysts predict that The Hartford Insurance Group, Inc. will post 13.24 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Investors of record on Monday, March 2nd were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The Hartford Insurance Group's payout ratio is 16.87%.

The Hartford Insurance Group 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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