Cibc World Market Inc. Purchases Shares of 44,051 The Hartford Insurance Group, Inc. $HIG

Key Points

• Cibc World Market Inc. acquired 44,051 shares of The Hartford Insurance Group during the second quarter, worth approximately $5.84 million. Institutional investors collectively own 93.42% of HIG.
• The Hartford reported quarterly EPS of $3.42, exceeding estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion.
• The company declared a quarterly dividend of $0.60, equating to $2.40 annually and a 1.7% yield. Analysts have a consensus “Hold” rating and an average price target of $149.67.

Cibc World Market Inc. acquired a new position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,051 shares of the insurance provider's stock, valued at approximately $5,838,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HIG. First Pacific Financial acquired a new position in The Hartford Insurance Group in the first quarter valued at about $26,000. MidFirst Bank acquired a new stake in shares of The Hartford Insurance Group during the second quarter worth approximately $26,000. JPL Wealth Management LLC bought a new position in shares of The Hartford Insurance Group in the third quarter valued at approximately $26,000. Navigoe LLC acquired a new position in shares of The Hartford Insurance Group in the 2nd quarter worth approximately $27,000. Finally, Phillip James Consulting Co. acquired a new position in shares of The Hartford Insurance Group in the 1st quarter worth approximately $29,000. 93.42% of the stock is owned by institutional investors.

The Hartford Insurance Group Stock Down 0.6%

NYSE:HIG opened at $138.19 on Wednesday. The company has a market cap of $37.43 billion, a price-to-earnings ratio of 8.93, a P/E/G ratio of 3.41 and a beta of 0.46. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The stock's fifty day moving average price is $137.90 and its two-hundred day moving average price is $136.62. The Hartford Insurance Group, Inc. has a 52-week low of $120.33 and a 52-week high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, beating 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 return on equity of 21.66% and a net margin of 15.00%.The business's revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the firm earned $3.41 EPS. On average, analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Tuesday, September 1st. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 15.51%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on HIG. JPMorgan Chase & Co. raised their price target on The Hartford Insurance Group from $149.00 to $152.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Barclays reduced 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 note on Friday, June 12th. Keefe, Bruyette & Woods increased their target price on The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Zacks Research cut The Hartford Insurance Group from a "hold" rating to a "strong sell" rating in a report on Monday, July 27th. Finally, Wells Fargo & Company reduced their price target on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating on the stock in a research report on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $149.67.

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.

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.