Bahl & Gaynor Inc. Grows Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Bahl & Gaynor Inc. increased its stake in The Hartford Insurance Group by 47.0%, owning over 2.14 million shares worth approximately $264 million as of the latest quarter.
• Institutional investors currently hold 93.42% of The Hartford's stock, with various firms increasing their stakes during the first quarter.
• The Hartford's recent earnings report showed a significant increase in earnings per share to $3.41, exceeding analysts' expectations, with projected earnings of 11.11 per share for the fiscal year.

Bahl & Gaynor Inc. grew its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 47.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,141,537 shares of the insurance provider's stock after purchasing an additional 684,390 shares during the quarter. The Hartford Insurance Group comprises approximately 1.4% of Bahl & Gaynor Inc.'s investment portfolio, making the stock its 26th biggest holding. Bahl & Gaynor Inc. owned about 0.75% of The Hartford Insurance Group worth $264,972,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. NorthRock Partners LLC lifted its stake in shares of The Hartford Insurance Group by 2.6% during the first quarter. NorthRock Partners LLC now owns 3,177 shares of the insurance provider's stock worth $395,000 after buying an additional 80 shares during the period. Wayfinding Financial LLC lifted its stake in shares of The Hartford Insurance Group by 3.0% during the first quarter. Wayfinding Financial LLC now owns 2,861 shares of the insurance provider's stock worth $355,000 after buying an additional 84 shares during the period. Wealthspire Advisors LLC lifted its stake in shares of The Hartford Insurance Group by 3.2% during the first quarter. Wealthspire Advisors LLC now owns 2,877 shares of the insurance provider's stock worth $356,000 after buying an additional 88 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of The Hartford Insurance Group by 1.7% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 5,580 shares of the insurance provider's stock worth $690,000 after buying an additional 95 shares during the period. Finally, HighPoint Advisor Group LLC lifted its stake in shares of The Hartford Insurance Group by 4.1% during the first quarter. HighPoint Advisor Group LLC now owns 2,447 shares of the insurance provider's stock worth $299,000 after buying an additional 96 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Barclays lowered their price objective on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating for the company in a research note on Monday, July 7th. UBS Group boosted their target price on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Cantor Fitzgerald assumed coverage on shares of The Hartford Insurance Group in a research report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 target price for the company. Finally, Wells Fargo & Company boosted their target price on shares of The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $137.64.

Insider Buying and Selling at The Hartford Insurance Group

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $123.50, for a total value of $4,364,490.00. Following the completion of the transaction, the chief financial officer owned 77,574 shares in the company, valued at approximately $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.50% of the company's stock.

The Hartford Insurance Group Trading Up 0.6%

Shares of The Hartford Insurance Group stock opened at $133.9780 on Friday. The firm has a 50-day simple moving average of $125.64 and a two-hundred day simple moving average of $122.44. The company has a market cap of $37.67 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.29 and a beta of 0.67. The Hartford Insurance Group, Inc. has a fifty-two week low of $104.93 and a fifty-two week high of $134.94. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The business had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The company's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.50 earnings per share. As a group, equities analysts predict that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd will be given a $0.52 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The Hartford Insurance Group's dividend payout ratio is 18.86%.

About The Hartford Insurance Group

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

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