Assenagon Asset Management S.A. Reduces Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Assenagon Asset Management cut its Hartford stake by 67.2% in the second quarter, selling 188,835 shares and retaining 92,049 shares valued at approximately $12.2 million. Institutional investors collectively own 93.42% of HIG.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and an average price target of $149.67. Recent targets range from $146 to $163.
• The Hartford exceeded quarterly expectations, reporting $3.42 in earnings per share and $7.26 billion in revenue, while declaring a quarterly dividend of $0.60 per share, equivalent to a 1.7% annual yield.

Assenagon Asset Management S.A. lowered its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 67.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 92,049 shares of the insurance provider's stock after selling 188,835 shares during the period. Assenagon Asset Management S.A.'s holdings in The Hartford Insurance Group were worth $12,198,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HIG. Northwestern Mutual Wealth Management Co. boosted its position in The Hartford Insurance Group by 286,241.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock worth $10,178,152,000 after acquiring an additional 73,835,976 shares during the last quarter. State Street Corp boosted its holdings in shares of The Hartford Insurance Group by 0.4% during the third quarter. State Street Corp now owns 16,031,840 shares of the insurance provider's stock worth $2,146,749,000 after purchasing an additional 55,983 shares during the last quarter. Geode Capital Management LLC grew its position in shares of The Hartford Insurance Group by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 7,948,948 shares of the insurance provider's stock valued at $1,091,440,000 after purchasing an additional 34,274 shares during the period. Invesco Ltd. boosted its stake in The Hartford Insurance Group by 10.3% in the 3rd quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock worth $711,141,000 after buying an additional 496,821 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in The Hartford Insurance Group by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,699,459 shares of the insurance provider's stock worth $635,490,000 after buying an additional 72,448 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.

Analysts Set New Price Targets

HIG has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Piper Sandler reaffirmed a "neutral" rating and set a $146.00 price target (down from $148.00) on shares of The Hartford Insurance Group in a research note on Wednesday, July 15th. Mizuho lifted their price target on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Barclays lowered 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. Finally, Cantor Fitzgerald upped their price objective on The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $149.67.

Insider Activity

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 stock was sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the sale, the president directly owned 38,208 shares of the company's stock, valued at approximately $5,163,047.04. The trade was a 18.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company's stock.

The Hartford Insurance Group Trading Down 1.7%

Shares of HIG opened at $140.87 on Tuesday. The stock's 50-day moving average is $135.92 and its two-hundred day moving average is $136.25. The stock has a market cap of $38.16 billion, a PE ratio of 9.11, a P/E/G ratio of 3.52 and a beta of 0.46. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a 12 month low of $120.33 and a 12 month high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, topping analysts' consensus estimates of $3.16 by $0.26. The firm had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The Hartford Insurance Group's quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.41 EPS. Equities analysts forecast that The Hartford Insurance Group, Inc. will post 12.79 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. 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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