CIBC Asset Management Inc Has $17.01 Million Stock Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• CIBC Asset Management boosted its stake in The Hartford Insurance Group by 196.7% in the fourth quarter, ending with 123,436 shares valued at about $17.0 million.
• Insider selling was notable: President Adin M. Tooker and EVP Lori A. Rodden both sold shares, with those transactions made under a pre-arranged trading plan and disclosed in SEC filings.
• The Hartford reported Q1 results that missed estimates on both earnings and revenue, but it still raised its quarterly dividend to $0.60 per share, implying a 1.9% annualized yield.

CIBC Asset Management Inc increased its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 196.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,436 shares of the insurance provider's stock after acquiring an additional 81,836 shares during the quarter. CIBC Asset Management Inc's holdings in The Hartford Insurance Group were worth $17,009,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. JPL Wealth Management LLC bought a new position in The Hartford Insurance Group during the third quarter valued at about $26,000. Cornerstone Planning Group LLC lifted its position in shares of The Hartford Insurance Group by 707.7% in the 3rd quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider's stock worth $26,000 after acquiring an additional 184 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of The Hartford Insurance Group during the 3rd quarter worth approximately $29,000. United Financial Planning Group LLC bought a new stake in shares of The Hartford Insurance Group during the third quarter valued at approximately $29,000. Finally, Barnes Dennig Private Wealth Management LLC increased its position in shares of The Hartford Insurance Group by 144.8% during the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 152 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at The Hartford Insurance Group

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total value of $5,617,668.65. Following the sale, the executive vice president directly owned 25,392 shares of the company's stock, valued at approximately $3,505,365.60. The trade was a 61.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.30% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on HIG shares. Mizuho increased their price target on shares of The Hartford Insurance Group from $158.00 to $159.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Cantor Fitzgerald decreased their price objective on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Wells Fargo & Company upped their price objective on The Hartford Insurance Group from $156.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, April 9th. Keefe, Bruyette & Woods dropped their target price on The Hartford Insurance Group from $149.00 to $142.00 and set a "market perform" rating for the company in a report on Thursday. Finally, Barclays cut their target price on The Hartford Insurance Group from $159.00 to $156.00 and set an "overweight" rating for the company in a research report on Friday, April 24th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $148.88.

The Hartford Insurance Group Trading Up 1.2%

NYSE HIG opened at $127.44 on Friday. The stock has a 50-day simple moving average of $134.93 and a 200 day simple moving average of $135.87. The company has a market capitalization of $34.94 billion, a PE ratio of 8.96, a P/E/G ratio of 2.26 and a beta of 0.47. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24. The Hartford Insurance Group, Inc. has a 12 month low of $119.61 and a 12 month high of $144.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 EPS for the quarter, missing analysts' consensus estimates of $3.39 by ($0.30). The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The business had revenue of $7.23 billion for the quarter, compared to analyst estimates of $7.41 billion. During the same period in the prior year, the business earned $2.20 EPS. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. Research analysts forecast that The Hartford Insurance Group, Inc. will post 13.17 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Monday, June 1st will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 16.87%.

The Hartford Insurance Group 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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