The Hartford Insurance Group, Inc. $HIG Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in The Hartford Insurance Group by 4.2%, selling 2,976 shares during the first quarter, bringing their total shares to 68,316 valued at approximately $8.45 million.
• Several institutional investors, including Northern Trust Corp and Ameriprise Financial Inc., increased their positions in The Hartford, with Ameriprise raising its stake by an impressive 48.1%.
• The Hartford Insurance Group recently declared a quarterly dividend of $0.52 per share, reflecting an annualized yield of 1.6% and a payout ratio of 18.86%.

Corebridge Financial Inc. reduced its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 4.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 68,316 shares of the insurance provider's stock after selling 2,976 shares during the period. Corebridge Financial Inc.'s holdings in The Hartford Insurance Group were worth $8,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HIG. Park Square Financial Group LLC raised its stake in The Hartford Insurance Group by 146.2% in the 1st quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 155 shares during the period. Spurstone Advisory Services LLC purchased a new position in shares of The Hartford Insurance Group during the fourth quarter worth about $33,000. Center for Financial Planning Inc. purchased a new position in shares of The Hartford Insurance Group during the first quarter worth about $33,000. Itau Unibanco Holding S.A. purchased a new position in shares of The Hartford Insurance Group during the fourth quarter worth about $35,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of The Hartford Insurance Group by 123.8% during the first quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock worth $36,000 after purchasing an additional 161 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Stock Performance

NYSE HIG traded up $0.09 during trading hours on Friday, hitting $132.31. The company's stock had a trading volume of 1,142,839 shares, compared to its average volume of 1,295,049. The company has a market cap of $37.20 billion, a P/E ratio of 12.00, a price-to-earnings-growth ratio of 1.28 and a beta of 0.72. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.31 and a quick ratio of 0.31. The company's 50 day simple moving average is $126.37 and its two-hundred day simple moving average is $123.21. The Hartford Insurance Group, Inc. has a 12 month low of $104.93 and a 12 month high of $134.93.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.58. The firm 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 business's quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.50 EPS. As a group, sell-side analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on HIG shares. Citigroup initiated coverage on The Hartford Insurance Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 price objective for the company. Wells Fargo & Company boosted their price objective on The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Cantor Fitzgerald assumed coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They issued an "overweight" rating and a $152.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on The Hartford Insurance Group from $140.00 to $142.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Finally, UBS Group upped their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "buy" rating in a report on Monday, August 4th. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $137.64.

Insider Buying and Selling at The Hartford Insurance Group

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction on 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 of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company's stock.

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.