Eastern Bank Has $20.45 Million Stock Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Eastern Bank has reduced its stake in The Hartford Insurance Group by 1.5%, holding approximately $20.45 million worth in shares after selling 2,437 shares in the second quarter.
• Several institutional investors have recently modified their holdings, with some, like Park Square Financial Group, increasing their stake by over 146%.
• The Hartford Insurance Group reported $3.41 EPS for the last quarter, exceeding analysts' expectations of $2.83, despite a slight revenue miss of $6.99 billion against a $7.02 billion estimate.

Eastern Bank cut its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 1.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,168 shares of the insurance provider's stock after selling 2,437 shares during the period. Eastern Bank owned approximately 0.06% of The Hartford Insurance Group worth $20,447,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Park Square Financial Group LLC increased its stake in shares of 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 purchasing an additional 155 shares during the last quarter. Center for Financial Planning Inc. bought a new position in shares of The Hartford Insurance Group in the 1st quarter valued at $33,000. Meeder Asset Management Inc. increased its stake in shares of The Hartford Insurance Group by 123.8% in the 1st quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 161 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of The Hartford Insurance Group in the 1st quarter valued at $37,000. Finally, Signature Resources Capital Management LLC bought a new position in shares of The Hartford Insurance Group in the 2nd quarter valued at $38,000. Institutional investors own 93.42% of the company's stock.

Insider Transactions at The Hartford Insurance Group

In other The Hartford Insurance Group news, EVP Donald Christian Hunt sold 2,124 shares of the company's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $133.87, for a total value of $284,339.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $123.50, for a total value of $4,364,490.00. Following the sale, the chief financial officer owned 77,574 shares in the company, valued at approximately $9,580,389. The trade was a 31.30% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.50% of the company's stock.

The Hartford Insurance Group Trading Down 1.0%

NYSE HIG opened at $128.89 on Friday. The business's 50-day moving average price is $131.46 and its two-hundred day moving average price is $126.32. The Hartford Insurance Group, Inc. has a 12 month low of $104.93 and a 12 month high of $135.17. The firm has a market capitalization of $36.24 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.26 and a beta of 0.69. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.58. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The firm had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same quarter in the previous year, the company posted $2.50 EPS. The business's revenue was up 7.7% on a year-over-year basis. On average, analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Tuesday, September 2nd. The Hartford Insurance Group's payout ratio is 18.86%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on HIG shares. Morgan Stanley lifted their price target on The Hartford Insurance Group from $135.00 to $140.00 and gave the company an "equal weight" rating in a research note on Tuesday. JPMorgan Chase & Co. upped their target price on The Hartford Insurance Group from $142.00 to $143.00 and gave the stock a "neutral" rating in a report on Thursday. Raymond James Financial reaffirmed an "outperform" rating and issued a $140.00 target price (up previously from $135.00) on shares of The Hartford Insurance Group in a report on Friday, August 1st. Evercore ISI upped their target price on The Hartford Insurance Group from $133.00 to $137.00 and gave the stock an "in-line" rating in a report on Wednesday, October 1st. Finally, Barclays lowered their target price on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating for the company in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $140.07.

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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