Allworth Financial LP Purchases Shares of 15,659 The Hartford Insurance Group, Inc. $HIG

Key Points

• Allworth Financial initiated a position in The Hartford Insurance Group, purchasing 15,659 shares valued at approximately $2.1 million. Institutional investors collectively own 93.42% of HIG’s outstanding stock.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $149.67. Recent updates included target-price reductions from Piper Sandler, UBS and Barclays, while RBC raised its target to $150 and Zacks downgraded the stock to “Strong Sell.”
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS versus a $3.16 consensus estimate and $7.26 billion in revenue, up 8.1% year over year. The company also declared a quarterly dividend of $0.60 per share, equivalent to a 1.8% yield.

Allworth Financial LP purchased a new position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,659 shares of the insurance provider's stock, valued at approximately $2,075,000.

A number of other large investors have also modified their holdings of the business. Haven Private LLC raised its holdings in shares of The Hartford Insurance Group by 1.1% in the fourth quarter. Haven Private LLC now owns 6,751 shares of the insurance provider's stock worth $930,000 after buying an additional 71 shares during the last quarter. GW&K Investment Management LLC grew its holdings in shares of The Hartford Insurance Group by 40.3% during the fourth quarter. GW&K Investment Management LLC now owns 268 shares of the insurance provider's stock valued at $37,000 after buying an additional 77 shares during the last quarter. Kestra Advisory Services LLC increased its position in shares of The Hartford Insurance Group by 0.4% in the 4th quarter. Kestra Advisory Services LLC now owns 17,646 shares of the insurance provider's stock valued at $2,432,000 after acquiring an additional 79 shares during the period. Koshinski Asset Management Inc. increased its position in shares of The Hartford Insurance Group by 3.8% in the 1st quarter. Koshinski Asset Management Inc. now owns 2,253 shares of the insurance provider's stock valued at $305,000 after acquiring an additional 82 shares during the period. Finally, Castlekeep Investment Advisors LLC raised its stake in The Hartford Insurance Group by 0.7% in the 4th quarter. Castlekeep Investment Advisors LLC now owns 13,137 shares of the insurance provider's stock worth $1,810,000 after acquiring an additional 86 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.

Analyst Ratings Changes

HIG has been the topic of a number of research reports. Piper Sandler reissued a "neutral" rating and issued a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Royal Bank Of Canada upped their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a research report on Monday, July 27th. Zacks Research downgraded shares of The Hartford Insurance Group from a "hold" rating to a "strong sell" rating in a report on Monday, July 27th. UBS Group reduced their price target on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Finally, Barclays decreased their price objective 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. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $149.67.

Insider Transactions at The Hartford Insurance Group

In other news, President Adin M. Tooker sold 8,895 shares of The Hartford Insurance Group stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value of $1,201,981.35. Following the sale, the president owned 38,208 shares in the company, valued at $5,163,047.04. This trade represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by insiders.

The Hartford Insurance Group Stock Performance

NYSE HIG opened at $136.30 on Friday. The stock has a market capitalization of $36.92 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 3.37 and a beta of 0.46. The stock has a 50-day moving average of $137.56 and a 200 day moving average of $136.64. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The Hartford Insurance Group, Inc. has a twelve month low of $120.33 and a twelve month high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, beating the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The company had revenue of $7.26 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same period last year, the company earned $3.41 earnings per share. The Hartford Insurance Group's quarterly revenue was up 8.1% compared to the same quarter last year. Sell-side analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 15.51%.

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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