Clear Harbor Asset Management LLC Lowers Stock Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Clear Harbor Asset Management LLC sold 4,742 shares of The Hartford Insurance Group, reducing its holdings by 4.8% and maintaining a 0.9% portfolio allocation to the company.
• The Hartford Insurance Group reported an EPS of $3.41 for the last quarter, exceeding analysts' expectations of $2.83, and achieved a revenue of $6.99 billion for the same period.
• The company announced a quarterly dividend of $0.52 per share, representing a 1.6% dividend yield, with the pay date set for October 2nd.

Clear Harbor Asset Management LLC reduced its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 4.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 94,698 shares of the insurance provider's stock after selling 4,742 shares during the period. The Hartford Insurance Group accounts for approximately 0.9% of Clear Harbor Asset Management LLC's portfolio, making the stock its 24th largest holding. Clear Harbor Asset Management LLC's holdings in The Hartford Insurance Group were worth $12,014,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Park Avenue Securities LLC boosted its stake in shares of The Hartford Insurance Group by 20.7% during the second quarter. Park Avenue Securities LLC now owns 25,465 shares of the insurance provider's stock valued at $3,231,000 after purchasing an additional 4,375 shares during the period. Farther Finance Advisors LLC boosted its position in shares of The Hartford Insurance Group by 24.8% during the second quarter. Farther Finance Advisors LLC now owns 6,272 shares of the insurance provider's stock valued at $796,000 after buying an additional 1,246 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in The Hartford Insurance Group by 20.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 133,565 shares of the insurance provider's stock worth $16,990,000 after purchasing an additional 23,000 shares during the last quarter. Carderock Capital Management Inc. bought a new position in shares of The Hartford Insurance Group in the second quarter worth about $178,000. Finally, Redhawk Wealth Advisors Inc. raised its stake in shares of The Hartford Insurance Group by 112.5% in the second quarter. Redhawk Wealth Advisors Inc. now owns 17,464 shares of the insurance provider's stock worth $2,216,000 after buying an additional 9,245 shares during the period. 93.42% of the stock is currently owned by institutional investors.

Insider Transactions at The Hartford Insurance Group

In other news, EVP Donald Christian Hunt sold 2,124 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $133.87, for a total value of $284,339.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Beth Ann Costello sold 35,340 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $123.50, for a total value of $4,364,490.00. Following the completion of the transaction, the chief financial officer directly owned 77,574 shares in the company, valued at $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

The Hartford Insurance Group Stock Down 0.1%

NYSE:HIG traded down $0.18 during mid-day trading on Monday, hitting $130.77. 1,167,934 shares of the company's stock traded hands, compared to its average volume of 1,428,228. The company has a fifty day moving average of $128.78 and a 200 day moving average of $125.12. The Hartford Insurance Group, Inc. has a twelve month low of $104.93 and a twelve month high of $135.17. The company has a market capitalization of $36.77 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.27 and a beta of 0.72. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.58. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The company had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same period in the prior year, the company posted $2.50 EPS. The firm's quarterly revenue was up 7.7% compared to the same quarter last year. On average, analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 2nd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The Hartford Insurance Group's dividend payout ratio is currently 18.86%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HIG. Wolfe Research began coverage on The Hartford Insurance Group in a research note on Tuesday, September 16th. They set a "peer perform" rating on the stock. Wall Street Zen downgraded The Hartford Insurance Group from a "buy" rating to a "hold" rating in a research report on Sunday. Barclays cut their target price on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a research report on Monday, July 7th. Cantor Fitzgerald began coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 target price on the stock. Finally, Piper Sandler boosted their price objective on The Hartford Insurance Group from $145.00 to $150.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $138.00.

The Hartford Insurance Group Profile

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.