Clear Harbor Asset Management LLC Takes $11.60 Million Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Clear Harbor Asset Management acquired an $11.6 million stake in The Hartford Insurance Group during the second quarter, purchasing 87,563 shares. The insurer represents approximately 0.7% of the firm’s portfolio, while institutional investors collectively own 93.42% of HIG.
• The Hartford exceeded quarterly expectations, reporting $3.42 in adjusted earnings per share versus the $3.16 consensus estimate and $7.26 billion in revenue, up 8.1% year over year.
• HIG shares opened at $136.30, below the analyst consensus target of $149.67, while the company declared a quarterly dividend of $0.60 per share, representing a 1.8% annualized yield.

Clear Harbor Asset Management LLC acquired a new position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 87,563 shares of the insurance provider's stock, valued at approximately $11,604,000. The Hartford Insurance Group accounts for about 0.7% of Clear Harbor Asset Management LLC's portfolio, making the stock its 27th biggest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Pacific Financial purchased a new position in The Hartford Insurance Group during the 1st quarter valued at about $26,000. MidFirst Bank bought a new stake in shares of The Hartford Insurance Group in the 2nd quarter valued at about $26,000. JPL Wealth Management LLC purchased a new stake in shares of The Hartford Insurance Group in the 3rd quarter worth approximately $26,000. Navigoe LLC bought a new position in shares of The Hartford Insurance Group during the second quarter valued at approximately $27,000. Finally, Phillip James Consulting Co. bought a new position in shares of The Hartford Insurance Group during the first quarter valued at approximately $29,000. 93.42% of the stock is currently owned by institutional investors.

Insider Activity

In other news, President Adin M. Tooker sold 8,895 shares of the company's stock in a transaction on 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 transaction, the president directly owned 38,208 shares of the company's stock, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company's stock.

The Hartford Insurance Group Stock Down 0.6%

NYSE:HIG opened at $136.30 on Friday. The company's 50-day simple moving average is $137.56 and its 200-day simple moving average is $136.64. 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 Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07. The stock has a market capitalization of $36.92 billion, a P/E ratio of 8.81, a P/E/G ratio of 3.34 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $7.26 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the previous year, the business posted $3.41 EPS. The Hartford Insurance Group's revenue was up 8.1% on a year-over-year basis. On average, equities analysts anticipate 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 company also recently declared 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 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group's payout ratio is currently 15.51%.

Analyst Ratings Changes

Several equities analysts recently issued reports on HIG shares. Mizuho lifted their price objective on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. 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. Keefe, Bruyette & Woods increased their target price on The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a research report on Tuesday, July 28th. Zacks Research downgraded The Hartford Insurance Group from a "hold" rating to a "strong sell" rating in a report on Monday, July 27th. Finally, Weiss Ratings lowered The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $149.67.

About The Hartford Insurance Group

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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