Bank of New York Mellon Corp Acquires New Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Bank of New York Mellon acquired 2.55 million shares of The Hartford Insurance Group worth approximately $337.9 million, giving it a 0.94% stake. Institutional investors collectively own 93.42% of HIG.
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS on $7.26 billion in revenue, with revenue rising 8.1% year over year.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a $149.67 price target. The company also declared a quarterly dividend of $0.60 per share, representing a 1.8% annualized yield.

Bank of New York Mellon Corp purchased a new stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,549,854 shares of the insurance provider's stock, valued at approximately $337,907,000. Bank of New York Mellon Corp owned about 0.94% of The Hartford Insurance Group at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in HIG. Sandro Wealth Management LLC acquired a new position in shares of The Hartford Insurance Group in the second quarter worth approximately $530,000. State of Wyoming bought a new stake in The Hartford Insurance Group in the second quarter valued at approximately $203,000. Bellars Harris Wealth Management LLC acquired a new stake in The Hartford Insurance Group during the 2nd quarter valued at approximately $8,452,000. GSA Capital Partners LLP acquired a new position in shares of The Hartford Insurance Group in the 2nd quarter worth approximately $2,312,000. Finally, Clearstead Trust LLC acquired a new position in shares of The Hartford Insurance Group in the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 93.42% of the company's stock.

Insiders Place Their Bets

In other news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the completion of the transaction, the president directly owned 38,208 shares of the company's stock, valued at $5,163,047.04. This represents a 18.88% decrease in their position. 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 insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Mizuho boosted their price objective on 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. Barclays cut their price target on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a report on Friday, June 12th. JPMorgan Chase & Co. raised their price objective 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. Weiss Ratings lowered shares of The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Wednesday, May 27th. Finally, Piper Sandler restated a "neutral" rating and issued a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a research note on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $149.67.

The Hartford Insurance Group Stock Performance

Shares of HIG opened at $136.30 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $36.92 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 3.37 and a beta of 0.46. The stock has a 50 day moving average of $137.56 and a 200 day moving average of $136.64. 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 earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping analysts' consensus estimates of $3.16 by $0.26. The company had revenue of $7.26 billion for 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 business's revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.41 EPS. As a group, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, September 1st. The Hartford Insurance Group's payout ratio is presently 15.51%.

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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