Cibc World Market Inc. Buys 93,306 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Cibc World Market Inc. boosted its stake in The Hartford Insurance Group by 272.6% in the fourth quarter, buying 93,306 additional shares and bringing its total holdings to 127,528 shares worth about $17.6 million.
• The article also highlights continued institutional interest in HIG, with hedge funds and other investors making sizable additions, and institutions now owning 93.42% of the stock.
• The Hartford recently reported Q1 earnings of $3.09 per share, missing estimates, while also declaring a quarterly dividend of $0.60 per share; analysts currently rate the stock a Moderate Buy with a consensus price target of $148.19.

Cibc World Market Inc. increased its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 272.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 127,528 shares of the insurance provider's stock after purchasing an additional 93,306 shares during the period. Cibc World Market Inc.'s holdings in The Hartford Insurance Group were worth $17,573,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of HIG. Cornerstone Planning Group LLC boosted its stake in The Hartford Insurance Group by 707.7% in the third quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider's stock valued at $26,000 after buying an additional 184 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in The Hartford Insurance Group in the third quarter valued at about $26,000. United Financial Planning Group LLC acquired a new stake in The Hartford Insurance Group in the third quarter valued at about $29,000. Sunbelt Securities Inc. acquired a new stake in The Hartford Insurance Group in the third quarter valued at about $29,000. Finally, Barnes Dennig Private Wealth Management LLC boosted its stake in The Hartford Insurance Group by 144.8% in the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock valued at $35,000 after buying an additional 152 shares in the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at The Hartford Insurance Group

In other 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 sale, the president directly owned 38,208 shares of the company's stock, valued at approximately $5,163,047.04. This trade represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 dated Tuesday, March 10th. The shares were 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 in the company, valued at $3,505,365.60. The trade was a 61.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.30% of the company's stock.

The Hartford Insurance Group Stock Performance

Shares of HIG stock opened at $132.25 on Friday. The business's 50-day moving average price is $134.89 and its 200-day moving average price is $135.84. The Hartford Insurance Group, Inc. has a 12 month low of $119.61 and a 12 month high of $144.50. The firm has a market capitalization of $36.25 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 2.29 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 (NYSE:HIG - Get Free Report) last announced 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 net margin of 14.10% and a return on equity of 22.52%. The firm had revenue of $7.23 billion for the quarter, compared to analyst estimates of $7.41 billion. During the same period in the previous year, the business posted $2.20 earnings per share. The business's revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts forecast that The Hartford Insurance Group, Inc. will post 13.17 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, June 1st. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 16.87%.

Analyst Ratings Changes

HIG has been the topic of several research analyst reports. UBS Group reduced their price objective on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. Keefe, Bruyette & Woods reduced their price objective on The Hartford Insurance Group from $149.00 to $142.00 and set a "market perform" rating on the stock in a research note on Thursday. Mizuho reduced their price objective on The Hartford Insurance Group from $159.00 to $154.00 and set an "outperform" rating on the stock in a research note on Friday. Bank of America raised their price objective on The Hartford Insurance Group from $136.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, April 14th. Finally, Wells Fargo & Company reduced their price objective on The Hartford Insurance Group from $165.00 to $154.00 and set an "overweight" rating on the stock in a research note on Friday. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, The Hartford Insurance Group has an average rating of "Moderate Buy" and a consensus price target of $148.19.

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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