Allspring Global Investments Holdings LLC Sells 12,124 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in The Hartford Insurance Group by 10.2%, selling 12,124 shares, bringing their total holdings to 106,916 shares valued at approximately $13.54 million.
• The Hartford Insurance Group reported earnings per share (EPS) of $3.41 for the recent quarter, exceeding analysts' expectations of $2.83, and showing a 7.7% increase in revenue year-over-year.
• The company also announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend of $2.08 with a yield of 1.7%.

Allspring Global Investments Holdings LLC lowered its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 10.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 106,916 shares of the insurance provider's stock after selling 12,124 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in The Hartford Insurance Group were worth $13,536,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Park Square Financial Group LLC raised its position in shares of The Hartford Insurance Group by 146.2% during the first quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider's stock worth $32,000 after acquiring an additional 155 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in shares of The Hartford Insurance Group during the first quarter worth $33,000. Meeder Asset Management Inc. raised its position in shares of The Hartford Insurance Group by 123.8% during the first quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock worth $36,000 after acquiring an additional 161 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in shares of The Hartford Insurance Group during the first quarter worth $37,000. Finally, Signature Resources Capital Management LLC bought a new stake in shares of The Hartford Insurance Group during the second quarter worth $38,000. Institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Stock Up 0.3%

NYSE:HIG opened at $124.37 on Friday. The Hartford Insurance Group, Inc. has a 1 year low of $104.93 and a 1 year high of $135.17. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The stock has a market cap of $34.97 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.20 and a beta of 0.69. The stock has a 50-day moving average price of $131.43 and a two-hundred day moving average price of $126.47.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted 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 analysts' expectations of $7.02 billion. During the same period in the previous year, the firm earned $2.50 earnings per share. The company's revenue was up 7.7% on a year-over-year basis. As a group, equities analysts expect that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio is currently 18.86%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of The Hartford Insurance Group in a research note on Wednesday, October 8th. Cantor Fitzgerald assumed coverage on The Hartford Insurance Group in a research note on Wednesday, August 13th. They set an "overweight" rating and a $152.00 price objective for the company. Raymond James Financial reaffirmed an "outperform" rating and set a $140.00 price objective (up from $135.00) on shares of The Hartford Insurance Group in a research note on Friday, August 1st. Barclays decreased their price objective on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating for the company in a research note on Monday, July 7th. Finally, Evercore ISI lifted their price objective on The Hartford Insurance Group from $133.00 to $137.00 and gave the stock an "in-line" rating in a research note on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, The Hartford Insurance Group currently has an average rating of "Moderate Buy" and an average price target of $140.07.

Insider Activity

In other news, EVP Donald Christian Hunt sold 2,124 shares of the company's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $133.87, for a total transaction of $284,339.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction dated 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 directly 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 disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

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.

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