Bank of Nova Scotia Takes Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Bank of Nova Scotia acquired 334,623 shares of The Hartford Insurance Group in the second quarter, worth approximately $44.3 million and representing a 0.12% stake. Institutional investors collectively own 93.42% of HIG.
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS versus the $3.16 consensus and revenue of $7.26 billion, up 8.1% year over year.
• The company declared a quarterly dividend of $0.60, equivalent to a $2.40 annual payout and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $149.67, compared with shares opening at $136.30.

Bank of Nova Scotia acquired a new position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 334,623 shares of the insurance provider's stock, valued at approximately $44,344,000. Bank of Nova Scotia owned 0.12% of The Hartford Insurance Group as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new position in The Hartford Insurance Group in the 1st quarter valued at about $207,000. NewEdge Advisors LLC lifted its position in shares of The Hartford Insurance Group by 1.6% during the second quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider's stock worth $7,122,000 after purchasing an additional 886 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of The Hartford Insurance Group by 3.9% during the second quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider's stock worth $21,297,000 after purchasing an additional 6,285 shares in the last quarter. HUB Investment Partners LLC boosted its stake in shares of The Hartford Insurance Group by 9.8% in the second quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider's stock valued at $878,000 after purchasing an additional 619 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of The Hartford Insurance Group by 25.5% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider's stock valued at $24,488,000 after purchasing an additional 39,220 shares during the period. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Insurance Group Stock Up 0.1%

Shares of NYSE:HIG opened at $136.30 on Monday. The firm's 50 day moving average price is $137.56 and its 200 day moving average price is $136.63. The stock has a market cap of $36.92 billion, a price-to-earnings ratio of 8.81, a price-to-earnings-growth ratio of 3.34 and a beta of 0.46. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping the consensus estimate of $3.16 by $0.26. The company had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm's revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.41 EPS. As a group, equities research analysts predict that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 15.51%.

Analysts Set New Price Targets

Several brokerages recently weighed in on HIG. Piper Sandler reaffirmed a "neutral" rating and set a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a research note on Wednesday, July 15th. Cantor Fitzgerald raised their price target on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Mizuho boosted their price target on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Barclays cut their price objective on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a research report on Friday, June 12th. Finally, Royal Bank Of Canada lifted their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a report on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, The Hartford Insurance Group has an average rating of "Hold" and a consensus price target of $149.67.

Insider Transactions at The Hartford Insurance Group

In other The Hartford Insurance Group 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 completion of the sale, the president directly owned 38,208 shares of the company's stock, valued at $5,163,047.04. The trade was a 18.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by company insiders.

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.