Bank of Nova Scotia Grows Position in The Hartford Insurance Group, Inc. (NYSE:HIG)

Key Points

• The Bank of Nova Scotia increased its stake in The Hartford Insurance Group by 92.5% during the first quarter, now holding 83,431 shares valued at approximately $10.3 million.
• The Hartford Insurance Group reported $3.41 earnings per share for the most recent quarter, exceeding analysts' estimates, and its quarterly revenue rose by 7.7% year-over-year.
• A quarterly dividend of $0.52 per share will be paid on October 2nd, representing an annualized dividend of $2.08 and a dividend yield of 1.6%.

Bank of Nova Scotia grew its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 92.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,431 shares of the insurance provider's stock after purchasing an additional 40,087 shares during the period. Bank of Nova Scotia's holdings in The Hartford Insurance Group were worth $10,323,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of HIG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of The Hartford Insurance Group by 6.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,830,462 shares of the insurance provider's stock valued at $419,053,000 after buying an additional 234,320 shares in the last quarter. Northern Trust Corp lifted its position in shares of The Hartford Insurance Group by 17.2% during the 4th quarter. Northern Trust Corp now owns 3,537,665 shares of the insurance provider's stock valued at $387,021,000 after buying an additional 519,717 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of The Hartford Insurance Group by 1.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,509,098 shares of the insurance provider's stock valued at $434,181,000 after buying an additional 60,116 shares in the last quarter. First Trust Advisors LP lifted its position in shares of The Hartford Insurance Group by 15.1% during the 4th quarter. First Trust Advisors LP now owns 2,683,531 shares of the insurance provider's stock valued at $293,578,000 after buying an additional 352,282 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of The Hartford Insurance Group by 48.1% during the 4th quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider's stock valued at $247,761,000 after buying an additional 735,170 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Stock Up 2.6%

Shares of NYSE:HIG opened at $126.21 on Tuesday. The business has a 50-day moving average price of $125.00 and a 200 day moving average price of $120.83. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $35.49 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.22 and a beta of 0.67. The Hartford Insurance Group, Inc. has a 12-month low of $103.96 and a 12-month high of $132.09.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The firm had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%. The company's quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the company earned $2.50 EPS. Sell-side analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HIG. Morgan Stanley increased their target price on The Hartford Insurance Group from $130.00 to $135.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Wall Street Zen raised The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research note on Saturday. Jefferies Financial Group reduced their price objective on The Hartford Insurance Group from $118.00 to $117.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Barclays reduced their price objective on 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. Finally, Wells Fargo & Company increased their price objective on The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $136.42.

The Hartford Insurance Group Company Profile

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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