Employees Retirement System of Texas Lowers Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Employees Retirement System of Texas trimmed its stake in The Hartford Insurance Group by 1.6% in the fourth quarter, still holding 495,607 shares valued at about $68.3 million.
• The Hartford reported Q1 earnings of $3.09 per share, missing analyst expectations of $3.39, while revenue came in at $7.23 billion versus the $7.41 billion estimate.
• The company declared a quarterly dividend of $0.60 per share payable July 2, and analysts currently view the stock as a Moderate Buy with a consensus price target of $149.31.

Employees Retirement System of Texas decreased its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 1.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 495,607 shares of the insurance provider's stock after selling 8,240 shares during the period. Employees Retirement System of Texas owned approximately 0.18% of The Hartford Insurance Group worth $68,295,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. JPL Wealth Management LLC bought a new position in shares of The Hartford Insurance Group in the third quarter worth approximately $26,000. Cornerstone Planning Group LLC increased its position in shares of The Hartford Insurance Group by 707.7% during the third quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 184 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in The Hartford Insurance Group in the 3rd quarter worth approximately $29,000. United Financial Planning Group LLC bought a new position in The Hartford Insurance Group in the 3rd quarter valued at approximately $29,000. Finally, Barnes Dennig Private Wealth Management LLC lifted its position in The Hartford Insurance Group by 144.8% in the 4th quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 152 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Insurance Group Price Performance

NYSE HIG opened at $135.45 on Wednesday. The business's fifty day moving average price is $135.77 and its 200-day moving average price is $136.04. The stock has a market capitalization of $37.13 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 2.45 and a beta of 0.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a 1-year low of $119.61 and a 1-year high of $144.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings data 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 Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The firm had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same period in the previous year, the firm earned $2.20 EPS. The business's revenue was up 6.1% on a year-over-year basis. On average, equities analysts predict that The Hartford Insurance Group, Inc. will post 13.14 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The Hartford Insurance Group's dividend payout ratio is presently 16.87%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Bank of America lifted their target price on The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a report on Tuesday, April 14th. Citigroup upped their price target on The Hartford Insurance Group from $138.00 to $143.00 and gave the company a "neutral" rating in a report on Wednesday, February 4th. Barclays dropped their price objective on The Hartford Insurance Group from $159.00 to $156.00 and set an "overweight" rating on the stock in a research report on Friday, April 24th. Wells Fargo & Company lifted their price objective on The Hartford Insurance Group from $156.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. Finally, UBS Group decreased their target price on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, The Hartford Insurance Group has a consensus rating of "Moderate Buy" and a consensus price target of $149.31.

Insider Buying and Selling at The Hartford Insurance Group

In related news, EVP Lori A. Rodden sold 40,693 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total value of $5,617,668.65. Following the transaction, the executive vice president owned 25,392 shares of the company's stock, valued at approximately $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by company insiders.

About The Hartford Insurance Group

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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