Allstate Corp Acquires 2,315 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Allstate Corp increased its stake in The Hartford Insurance Group by 26.6% during the first quarter, acquiring an additional 2,315 shares for a total of $1,363,000 in holdings.
• Analysts have raised their price targets for The Hartford Insurance Group, with JPMorgan Chase setting a new target of $142.00 and seven analysts rating the stock as a Buy.
• The Hartford Insurance Group declared a quarterly dividend of $0.52, with an annual yield of 1.6%, reflecting a payout ratio of 18.86%.

Allstate Corp grew its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 26.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,015 shares of the insurance provider's stock after acquiring an additional 2,315 shares during the quarter. Allstate Corp's holdings in The Hartford Insurance Group were worth $1,363,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of HIG. Park Square Financial Group LLC raised its stake in The Hartford Insurance Group by 146.2% in the first quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 155 shares in the last quarter. Spurstone Advisory Services LLC acquired a new position in The Hartford Insurance Group in the fourth quarter valued at about $33,000. Center for Financial Planning Inc. acquired a new position in The Hartford Insurance Group in the first quarter valued at about $33,000. Itau Unibanco Holding S.A. acquired a new position in The Hartford Insurance Group in the fourth quarter valued at about $35,000. Finally, Meeder Asset Management Inc. raised its stake in The Hartford Insurance Group by 123.8% in the first quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

Insider Buying and Selling

In related news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 77,574 shares in the company, valued at $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Barclays dropped their price target 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. UBS Group boosted their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Cantor Fitzgerald initiated coverage on The Hartford Insurance Group in a research note on Wednesday, August 13th. They issued an "overweight" rating and a $152.00 price target for the company. JPMorgan Chase & Co. boosted their target price on The Hartford Insurance Group from $140.00 to $142.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen raised The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $137.64.

The Hartford Insurance Group Trading Up 0.2%

Shares of The Hartford Insurance Group stock traded up $0.21 on Friday, hitting $132.43. The stock had a trading volume of 244,405 shares, compared to its average volume of 1,626,955. The stock has a 50 day moving average of $126.24 and a 200 day moving average of $122.98. The Hartford Insurance Group, Inc. has a twelve month low of $104.93 and a twelve month high of $134.93. 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 firm has a market capitalization of $37.24 billion, a P/E ratio of 12.01, a PEG ratio of 1.29 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its earnings results on Monday, July 28th. The insurance provider reported $3.41 EPS for the quarter, beating the consensus estimate 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 business had revenue of $6.99 billion for the quarter, compared to analysts' expectations of $7.02 billion. During the same period in the prior year, the business posted $2.50 earnings per share. The firm's revenue was up 7.7% on a year-over-year basis. Sell-side analysts expect that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

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

About The Hartford Insurance Group

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.