BlackRock Inc. Invests $4.07 Billion in The Hartford Insurance Group, Inc. $HIG

Key Points

• BlackRock disclosed a $4.07 billion new position in The Hartford Insurance Group, purchasing 30.7 million shares and acquiring an approximately 11.33% stake. Institutional investors collectively own 93.42% of HIG.
• The Hartford exceeded quarterly expectations, reporting earnings of $3.42 per share versus the $3.16 consensus and revenue of $7.26 billion, up 8.1% year over year.
• Analysts maintain a consensus rating of “Hold” with an average price target of $149.67, while the company declared a quarterly dividend of $0.60 per share, equivalent to a 1.7% annualized yield.

BlackRock Inc. bought a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 30,690,101 shares of the insurance provider's stock, valued at approximately $4,067,052,000. BlackRock Inc. owned approximately 11.33% of The Hartford Insurance Group as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Haven Private LLC boosted its stake in The Hartford Insurance Group by 1.1% during the fourth quarter. Haven Private LLC now owns 6,751 shares of the insurance provider's stock worth $930,000 after buying an additional 71 shares during the period. GW&K Investment Management LLC lifted its position in shares of The Hartford Insurance Group by 40.3% during the fourth quarter. GW&K Investment Management LLC now owns 268 shares of the insurance provider's stock valued at $37,000 after buying an additional 77 shares during the last quarter. Kestra Advisory Services LLC boosted its position in shares of The Hartford Insurance Group by 0.4% in the 4th quarter. Kestra Advisory Services LLC now owns 17,646 shares of the insurance provider's stock worth $2,432,000 after purchasing an additional 79 shares in the last quarter. Koshinski Asset Management Inc. boosted its stake in The Hartford Insurance Group by 3.8% in the 1st quarter. Koshinski Asset Management Inc. now owns 2,253 shares of the insurance provider's stock worth $305,000 after purchasing an additional 82 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC grew its stake in The Hartford Insurance Group by 0.7% during the 4th quarter. Castlekeep Investment Advisors LLC now owns 13,137 shares of the insurance provider's stock valued at $1,810,000 after purchasing an additional 86 shares during the last quarter. Institutional investors own 93.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HIG. UBS Group dropped their target price on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Piper Sandler restated a "neutral" rating and set a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Weiss Ratings cut shares of The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Wednesday, May 27th. Cantor Fitzgerald lifted their target price on 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. Finally, Keefe, Bruyette & Woods increased their price objective on shares of The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $149.67.

Insiders Place Their Bets

In other news, President Adin M. Tooker sold 8,895 shares of the company's stock in a transaction 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 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 document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by corporate insiders.

The Hartford Insurance Group Trading Up 1.6%

NYSE HIG opened at $138.89 on Wednesday. The firm's fifty day moving average price is $137.08 and its 200 day moving average price is $136.59. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a 12 month low of $120.33 and a 12 month high of $146.07. The company has a market capitalization of $37.62 billion, a price-to-earnings ratio of 8.98, a price-to-earnings-growth ratio of 3.39 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.16 by $0.26. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The business had revenue of $7.26 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same period last year, the firm posted $3.41 earnings per share. The company's revenue for the quarter was up 8.1% compared to the same quarter last year. On average, sell-side analysts expect that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group's payout ratio is currently 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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