Corient Private Wealth LP Invests $9.58 Million in The Hartford Insurance Group, Inc. $HIG

Key Points

• Corient Private Wealth acquired 72,318 shares of The Hartford Insurance Group valued at approximately $9.58 million during the second quarter. Institutional investors collectively own 93.42% of HIG’s outstanding shares.
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS versus the $3.16 consensus estimate and $7.26 billion in revenue, up 8.1% year over year. Analysts’ average rating remains “Hold,” with an average price target of $149.67.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 1.7% yield, payable October 2 to shareholders of record as of September 1.

Corient Private Wealth LP acquired a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 72,318 shares of the insurance provider's stock, valued at approximately $9,584,000.

A number of other hedge funds also recently made changes to their positions in HIG. Northwestern Mutual Wealth Management Co. boosted 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 purchasing an additional 73,835,976 shares in the last quarter. BlackRock Inc. purchased a new position in The Hartford Insurance Group in the 2nd quarter worth $4,067,052,000. Norges Bank purchased a new position in The Hartford Insurance Group in the 4th quarter worth $611,724,000. Bank of America Corp DE bought a new stake in The Hartford Insurance Group in the second quarter worth $350,777,000. Finally, Legal & General Group Plc bought a new stake in The Hartford Insurance Group in the second quarter worth $346,877,000. 93.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

HIG has been the subject of several recent research reports. Mizuho boosted their price objective on The Hartford Insurance Group from $154.00 to $163.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Barclays cut their target price on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a report on Friday, June 12th. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of The Hartford Insurance Group in a research note on Monday, August 24th. Wells Fargo & Company lowered their price target on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a report on Monday, July 27th. Finally, Cantor Fitzgerald increased their price target on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Seven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $149.67.

The Hartford Insurance Group Trading Down 0.0%

HIG opened at $138.51 on Monday. The business has a 50 day simple moving average of $138.49 and a two-hundred day simple moving average of $136.56. The firm has a market capitalization of $37.52 billion, a price-to-earnings ratio of 8.95, a PEG ratio of 3.40 and a beta of 0.46. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a one year low of $120.33 and a one year high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued 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 business had revenue of $7.26 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same period in the prior year, the business earned $3.41 EPS. The company's revenue for the quarter was up 8.1% on a year-over-year basis. Analysts predict that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 1st. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 15.51%.

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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