503,278 Shares in The Hartford Insurance Group, Inc. $HIG Purchased by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 503,278 shares of The Hartford Insurance Group, worth approximately $66.7 million, giving it a 0.19% stake. Institutional investors collectively own 93.42% of HIG.
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS versus the $3.16 consensus and $7.26 billion in revenue, up 8.1% year over year.
• HIG announced a quarterly dividend of $0.60 per share, equal to a $2.40 annualized payout and a 1.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $149.67.

Canada Pension Plan Investment Board purchased a new position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 503,278 shares of the insurance provider's stock, valued at approximately $66,694,000. Canada Pension Plan Investment Board owned about 0.19% of The Hartford Insurance Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in The Hartford Insurance Group by 286,241.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock valued at $10,178,152,000 after purchasing an additional 73,835,976 shares during the last quarter. BlackRock Inc. acquired a new position in shares of The Hartford Insurance Group in the second quarter valued at $4,067,052,000. State Street Corp raised its position in shares of The Hartford Insurance Group by 0.4% in the third quarter. State Street Corp now owns 16,031,840 shares of the insurance provider's stock valued at $2,146,749,000 after purchasing an additional 55,983 shares during the period. Geode Capital Management LLC lifted its stake in shares of The Hartford Insurance Group by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 7,948,948 shares of the insurance provider's stock worth $1,091,440,000 after buying an additional 34,274 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of The Hartford Insurance Group by 10.3% during the 3rd quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock worth $711,141,000 after buying an additional 496,821 shares during the last quarter. Institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Price Performance

HIG stock opened at $137.77 on Friday. The company's 50-day moving average price is $138.29 and its two-hundred day moving average price is $136.57. The firm has a market cap of $37.32 billion, a P/E ratio of 8.91, a P/E/G ratio of 3.44 and a beta of 0.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23. The Hartford Insurance Group, Inc. has a 12 month low of $120.33 and a 12 month high of $146.07.

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, topping analysts' consensus estimates of $3.16 by $0.26. The company had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm's quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.41 EPS. On average, analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date 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 presently 15.51%.

Analysts Set New Price Targets

Several research firms recently weighed in on HIG. Weiss Ratings reissued a "buy (b+)" rating on shares of The Hartford Insurance Group in a report on Monday. Royal Bank Of Canada upped their price objective on 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. Keefe, Bruyette & Woods increased their price objective 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, July 28th. Piper Sandler reissued a "neutral" rating and set a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Finally, Barclays reduced their target price on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a research report on Friday, June 12th. Seven equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $149.67.

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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