Andra AP fonden Cuts Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Andra AP fonden cut its Hartford Insurance Group stake by 47.6% in the second quarter, selling 20,000 shares and retaining 22,000 shares worth approximately $2.9 million. Institutional investors collectively own 93.42% of HIG.
• Analyst sentiment is mixed, with six Buy ratings and eleven Hold ratings, producing a consensus “Hold” rating and a $149.07 average price target. Mizuho recently downgraded the stock to Neutral and lowered its target to $154.
• HIG reported quarterly EPS of $3.42, 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, representing a 1.9% annualized yield.

Andra AP fonden trimmed its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 47.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,000 shares of the insurance provider's stock after selling 20,000 shares during the period. Andra AP fonden's holdings in The Hartford Insurance Group were worth $2,915,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC raised its stake in shares of The Hartford Insurance Group by 0.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 26,848 shares of the insurance provider's stock worth $3,558,000 after acquiring an additional 190 shares in the last quarter. MCF Advisors LLC boosted its stake in The Hartford Insurance Group by 11.4% in the second quarter. MCF Advisors LLC now owns 6,057 shares of the insurance provider's stock valued at $806,000 after acquiring an additional 619 shares in the last quarter. National Pension Service grew its holdings in The Hartford Insurance Group by 4.9% in the second quarter. National Pension Service now owns 554,720 shares of the insurance provider's stock worth $73,511,000 after purchasing an additional 26,060 shares during the last quarter. WINTON GROUP Ltd grew its holdings in The Hartford Insurance Group by 12.8% in the second quarter. WINTON GROUP Ltd now owns 3,000 shares of the insurance provider's stock worth $398,000 after purchasing an additional 340 shares during the last quarter. Finally, Engineers Gate Manager LP increased its position in shares of The Hartford Insurance Group by 262.4% during the second quarter. Engineers Gate Manager LP now owns 61,198 shares of the insurance provider's stock worth $8,110,000 after purchasing an additional 44,310 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HIG. Mizuho lowered The Hartford Insurance Group from an "outperform" rating to a "neutral" rating and decreased their price objective for the company from $163.00 to $154.00 in a report on Wednesday, September 16th. Cantor Fitzgerald upped their target price on The Hartford Insurance Group from $156.00 to $158.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Wells Fargo & Company decreased their price target on 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. Weiss Ratings downgraded The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday. Finally, Royal Bank Of Canada boosted their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock a "sector perform" rating in a research note on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, The Hartford Insurance Group has a consensus rating of "Hold" and a consensus target price of $149.07.

The Hartford Insurance Group Stock Performance

Shares of HIG opened at $126.76 on Thursday. The stock has a 50-day moving average of $138.41 and a two-hundred day moving average of $135.79. The Hartford Insurance Group, Inc. has a one year low of $120.33 and a one year high of $146.07. 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 stock has a market cap of $34.34 billion, a P/E ratio of 8.19, a P/E/G ratio of 2.26 and a beta of 0.45.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. During the same period last year, the business posted $3.41 earnings per share. The company's revenue for the quarter was up 8.1% compared to the same quarter last year. As a group, research analysts predict that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 15.51%.

The Hartford Insurance Group Profile

The Hartford Insurance Group, operating as The Hartford, is a financial services and insurance company headquartered in Hartford, Connecticut. Founded in 1810, the company provides property and casualty insurance, employee benefits and related services primarily to businesses, individuals and organizations in the United States.

The company's business operations include commercial insurance for small and midsize businesses, large organizations and specialty industries. Its offerings include workers' compensation, commercial auto, general liability, property, professional liability and other coverage.

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