Comerica Bank Has $9.21 Million Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Comerica Bank reduced its stake in The Hartford Insurance Group by 12.7% in Q1, owning 74,422 shares valued at approximately $9.21 million after selling 10,865 shares.
• The Hartford Insurance Group recently reported $3.41 earnings per share (EPS) for the quarter, exceeding the consensus estimate of $2.83, with a 7.7% year-over-year revenue increase to $6.99 billion.
• A quarterly dividend of $0.52 will be paid on October 2nd, reflecting an annualized dividend yield of 1.6%.

Comerica Bank trimmed its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 12.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,422 shares of the insurance provider's stock after selling 10,865 shares during the quarter. Comerica Bank's holdings in The Hartford Insurance Group were worth $9,208,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of HIG. Susquehanna Fundamental Investments LLC acquired a new position in shares of The Hartford Insurance Group in the fourth quarter valued at $1,532,000. Quarry LP raised its stake in shares of The Hartford Insurance Group by 131.7% in the fourth quarter. Quarry LP now owns 841 shares of the insurance provider's stock valued at $92,000 after purchasing an additional 478 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of The Hartford Insurance Group by 18.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 407,222 shares of the insurance provider's stock valued at $44,550,000 after purchasing an additional 63,313 shares in the last quarter. Northern Trust Corp raised its stake in shares of The Hartford Insurance Group by 17.2% in the fourth quarter. Northern Trust Corp now owns 3,537,665 shares of the insurance provider's stock valued at $387,021,000 after purchasing an additional 519,717 shares in the last quarter. Finally, AdvisorShares Investments LLC grew its position in The Hartford Insurance Group by 5.5% in the fourth quarter. AdvisorShares Investments LLC now owns 4,300 shares of the insurance provider's stock valued at $470,000 after acquiring an additional 225 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at The Hartford Insurance Group

In related news, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $123.50, for a total value of $4,364,490.00. Following the transaction, the chief financial officer owned 77,574 shares in the company, valued at $9,580,389. This trade represents a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is currently owned by corporate insiders.

The Hartford Insurance Group Price Performance

The Hartford Insurance Group stock opened at $133.29 on Thursday. The business's 50-day simple moving average is $126.09 and its 200 day simple moving average is $122.84. The stock has a market cap of $37.48 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.29 and a beta of 0.67. The Hartford Insurance Group, Inc. has a 12-month low of $104.93 and a 12-month high of $134.93. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.25.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly 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 business had revenue of $6.99 billion for the quarter, compared to analysts' expectations of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The firm's quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.50 earnings per share. As a group, research analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have weighed in on HIG. Morgan Stanley upped their price target on The Hartford Insurance Group from $130.00 to $135.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. UBS Group upped their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Wall Street Zen upgraded The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Raymond James Financial reiterated an "outperform" rating and issued a $140.00 price target (up from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Finally, Barclays lowered their price target 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. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $137.64.

About The Hartford Insurance Group

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.

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