Assetmark Inc. Acquires 32,135 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Assetmark Inc. increased its stake in The Hartford Insurance Group by 4.4% in the first quarter, buying 32,135 additional shares and bringing its total holding to 768,041 shares worth about $103.9 million.
• The Hartford reported quarterly earnings of $3.09 per share, missing analyst expectations of $3.39, while revenue came in at $7.23 billion versus the $7.41 billion estimate.
• The company declared a quarterly dividend of $0.60 per share, and analysts currently have a consensus Hold rating on the stock with an average price target of $148.38.

Assetmark Inc. raised its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 4.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 768,041 shares of the insurance provider's stock after purchasing an additional 32,135 shares during the quarter. Assetmark Inc. owned 0.28% of The Hartford Insurance Group worth $103,862,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. grew its holdings in shares of The Hartford Insurance Group by 286,241.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock worth $10,178,152,000 after purchasing an additional 73,835,976 shares during the last quarter. Norges Bank bought a new position in The Hartford Insurance Group during the 4th quarter valued at about $611,724,000. Allianz Asset Management GmbH lifted its holdings in The Hartford Insurance Group by 131.1% during the 4th quarter. Allianz Asset Management GmbH now owns 1,632,082 shares of the insurance provider's stock valued at $224,901,000 after purchasing an additional 925,789 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in The Hartford Insurance Group by 6,431.8% in the third quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider's stock valued at $85,829,000 after buying an additional 633,592 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI boosted its position in The Hartford Insurance Group by 208.2% in the third quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider's stock valued at $106,708,000 after buying an additional 540,445 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Trading Up 1.5%

HIG opened at $136.50 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $37.42 billion, a PE ratio of 9.59, a PEG ratio of 3.09 and a beta of 0.47. The Hartford Insurance Group, Inc. has a 1-year low of $120.05 and a 1-year high of $144.50. The firm has a 50-day moving average price of $132.87 and a two-hundred day moving average price of $135.37.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its 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 company had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.41 billion. The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The company's revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.20 earnings per share. As a group, equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.74 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group's dividend payout ratio is 16.87%.

Insider Transactions at The Hartford Insurance Group

In related news, President Adin M. Tooker sold 8,895 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on HIG shares. Bank of America upped their price objective on shares of The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 14th. Mizuho lifted their target price on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Piper Sandler reissued a "neutral" rating and issued a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday. Wells Fargo & Company increased their price target on The Hartford Insurance Group from $154.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Finally, UBS Group dropped their price target on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a report on Monday, April 27th. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $148.38.

About The Hartford Insurance Group

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.

Want to see what other hedge funds are holding HIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.