569,715 Shares in The Hartford Insurance Group, Inc. $HIG Purchased by Equity Investment Corp

Key Points

• Equity Investment Corp acquired 569,715 shares of The Hartford Insurance Group during the second quarter, worth approximately $75.5 million and representing a 0.21% stake. Institutional investors collectively own 93.42% of HIG.
• Analysts maintain a generally cautious outlook, with a consensus rating of “Hold” and an average price target of $149.67. Recent targets range from $144 to $164.
• The Hartford reported quarterly earnings of $3.42 per share, exceeding estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion. The company also declared a quarterly dividend of $0.60 per share, equivalent to a 1.7% yield.

Equity Investment Corp bought a new position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 569,715 shares of the insurance provider's stock, valued at approximately $75,499,000. Equity Investment Corp owned 0.21% of The Hartford Insurance Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HIG. First Pacific Financial purchased a new position in The Hartford Insurance Group during the 1st quarter valued at about $26,000. MidFirst Bank purchased a new position in The Hartford Insurance Group in the second quarter valued at about $26,000. JPL Wealth Management LLC bought a new stake in shares of The Hartford Insurance Group in the 3rd quarter valued at about $26,000. Phillip James Consulting Co. purchased a new position in shares of The Hartford Insurance Group in the 1st quarter worth approximately $29,000. Finally, Sunbelt Securities Inc. bought a new position in shares of The Hartford Insurance Group during the 3rd quarter worth approximately $29,000. Institutional investors own 93.42% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on HIG shares. Piper Sandler reiterated a "neutral" rating and set a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price target on The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. Barclays lowered 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 note on Friday, June 12th. Wells Fargo & Company lowered their price objective on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a research note on Monday, July 27th. Finally, Weiss Ratings lowered The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $149.67.

The Hartford Insurance Group Stock Up 1.6%

HIG opened at $138.89 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07. The company has a fifty day moving average of $137.08 and a two-hundred day moving average of $136.59. The stock has a market capitalization of $37.62 billion, a price-to-earnings ratio of 8.98, a PEG ratio of 3.39 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted 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 Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm had revenue of $7.26 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same period in the previous year, the business posted $3.41 earnings per share. The Hartford Insurance Group's quarterly revenue was up 8.1% on a year-over-year basis. On average, research analysts expect that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

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 of this dividend 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 (DPR) is 15.51%.

Insider Buying and Selling

In other news, President Adin M. Tooker sold 8,895 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the transaction, the president owned 38,208 shares of the company's stock, valued at $5,163,047.04. This represents a 18.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by corporate insiders.

About The Hartford Insurance Group

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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