AlphaQuest LLC Cuts Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• AlphaQuest LLC cut its stake in The Hartford Insurance Group by 52.1% in the fourth quarter, while several other institutional investors increased their holdings; hedge funds and other institutions now own 93.42% of the stock.
• The Hartford reported Q1 earnings of $3.09 per share, missing analyst expectations of $3.39, though revenue rose 6.1% year over year to $7.23 billion.
• The company announced a quarterly dividend of $0.60 per share payable July 2, implying an annualized yield of 1.8%; analysts currently rate the stock a Moderate Buy with a consensus price target of $149.31.

AlphaQuest LLC trimmed its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 52.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,456 shares of the insurance provider's stock after selling 16,815 shares during the period. AlphaQuest LLC's holdings in The Hartford Insurance Group were worth $2,130,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Allstate Corp increased its stake in The Hartford Insurance Group by 107.8% in the fourth quarter. Allstate Corp now owns 20,601 shares of the insurance provider's stock valued at $2,839,000 after purchasing an additional 10,687 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in The Hartford Insurance Group by 119.5% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 371 shares of the insurance provider's stock valued at $51,000 after purchasing an additional 202 shares during the last quarter. Fisher Asset Management LLC purchased a new position in The Hartford Insurance Group in the fourth quarter valued at approximately $485,000. Westover Capital Advisors LLC increased its stake in The Hartford Insurance Group by 56.7% in the fourth quarter. Westover Capital Advisors LLC now owns 16,822 shares of the insurance provider's stock valued at $2,318,000 after purchasing an additional 6,084 shares during the last quarter. Finally, Clearstead Advisors LLC increased its stake in The Hartford Insurance Group by 45.2% in the fourth quarter. Clearstead Advisors LLC now owns 1,616 shares of the insurance provider's stock valued at $223,000 after purchasing an additional 503 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Insurance Group Trading Down 0.4%

Shares of HIG stock opened at $135.45 on Wednesday. The Hartford Insurance Group, Inc. has a fifty-two week low of $119.61 and a fifty-two week high of $144.50. The stock has a market cap of $37.13 billion, a P/E ratio of 9.52, a P/E/G ratio of 2.45 and a beta of 0.50. The business has a fifty day simple moving average of $135.77 and a 200-day simple moving average of $136.04. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share for the quarter, missing analysts' consensus estimates of $3.39 by ($0.30). The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The firm had revenue of $7.23 billion during the quarter, compared to analysts' expectations of $7.41 billion. During the same quarter in the prior year, the business earned $2.20 EPS. The company's quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts forecast that The Hartford Insurance Group, Inc. will post 13.14 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Monday, June 1st will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Monday, June 1st. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 16.87%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on HIG shares. Wells Fargo & Company increased their price objective on The Hartford Insurance Group from $156.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $149.00 price objective (down from $163.00) on shares of The Hartford Insurance Group in a report on Monday, March 30th. Weiss Ratings reissued a "buy (a-)" rating on shares of The Hartford Insurance Group in a report on Wednesday, May 13th. Citigroup increased their price objective on The Hartford Insurance Group from $138.00 to $143.00 and gave the company a "neutral" rating in a report on Wednesday, February 4th. Finally, Morgan Stanley increased their price target on The Hartford Insurance Group from $140.00 to $142.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $149.31.

Insider Buying and Selling

In related news, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the sale, the executive vice president owned 25,392 shares in the company, valued at approximately $3,505,365.60. This trade represents a 61.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company's stock.

The Hartford Insurance Group Company 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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