Clearbridge Investments LLC Sells 12,161 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Clearbridge Investments reduced its stake in The Hartford Insurance Group by 3.3% in the fourth quarter, selling 12,161 shares and leaving it with 361,968 shares valued at about $49.9 million.
• The Hartford reported quarterly EPS of $3.09, below analyst expectations of $3.39, though revenue rose 6.1% year over year to $7.23 billion.
• The company declared a quarterly dividend of $0.60 per share, payable July 2, and analysts currently rate the stock a consensus Moderate Buy with a target price of $148.19.

Clearbridge Investments LLC trimmed its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 3.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 361,968 shares of the insurance provider's stock after selling 12,161 shares during the period. Clearbridge Investments LLC owned 0.13% of The Hartford Insurance Group worth $49,879,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of The Hartford Insurance Group by 286,241.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock valued at $10,178,152,000 after acquiring an additional 73,835,976 shares during the last quarter. State Street Corp lifted its stake in shares of The Hartford Insurance Group by 0.4% in the 3rd quarter. State Street Corp now owns 16,031,840 shares of the insurance provider's stock valued at $2,146,749,000 after acquiring an additional 55,983 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of The Hartford Insurance Group by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 7,948,948 shares of the insurance provider's stock valued at $1,091,440,000 after acquiring an additional 34,274 shares during the last quarter. Invesco Ltd. lifted its stake in shares of The Hartford Insurance Group by 10.3% in the 3rd quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock valued at $711,141,000 after acquiring an additional 496,821 shares during the last quarter. Finally, Norges Bank bought a new position in shares of The Hartford Insurance Group in the 4th quarter valued at $611,724,000. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Stock Performance

Shares of The Hartford Insurance Group stock opened at $127.72 on Tuesday. 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 business has a 50-day moving average price of $134.75 and a two-hundred day moving average price of $135.83. The Hartford Insurance Group, Inc. has a 1-year low of $119.61 and a 1-year high of $144.50. The company has a market cap of $35.01 billion, a P/E ratio of 8.98, a PEG ratio of 2.38 and a beta of 0.47.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 EPS for the quarter, missing the consensus estimate of $3.39 by ($0.30). The firm had revenue of $7.23 billion during the quarter, compared to analyst estimates of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The business's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.20 earnings per share. As a group, analysts anticipate that The Hartford Insurance Group, Inc. will post 13.12 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.9%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 16.87%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on HIG shares. Cantor Fitzgerald dropped their price target on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Barclays dropped their price target on The Hartford Insurance Group from $159.00 to $156.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Bank of America increased their price target 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. Mizuho dropped their price target on The Hartford Insurance Group from $159.00 to $154.00 and set an "outperform" rating for the company in a research note on Friday. Finally, Keefe, Bruyette & Woods lowered 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 research report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $148.19.

Insider Activity at The Hartford Insurance Group

In other news, President Adin M. Tooker sold 8,895 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the completion of the sale, the president directly owned 38,208 shares in the company, valued at $5,163,047.04. This trade represents a 18.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by corporate insiders.

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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