Empowered Funds LLC Makes New Investment in The Hartford Insurance Group, Inc. $HIG

Key Points

• Empowered Funds LLC purchased 45,840 shares of The Hartford Insurance Group, valued at approximately $6.1 million. Institutional investors collectively own 93.42% of the company.
• The Hartford reported quarterly EPS of $3.42, exceeding estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion.
• The company declared a quarterly dividend of $0.60 per share, equivalent to an annualized $2.40 dividend and a 1.7% yield. Analysts have a consensus “Hold” rating with an average price target of $149.67.

Empowered Funds LLC purchased a new stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 45,840 shares of the insurance provider's stock, valued at approximately $6,075,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Pacific Financial acquired a new stake in shares of The Hartford Insurance Group during the first quarter worth $26,000. MidFirst Bank acquired a new position in The Hartford Insurance Group in the 2nd quarter worth $26,000. JPL Wealth Management LLC bought a new position in The Hartford Insurance Group during the 3rd quarter worth about $26,000. Navigoe LLC bought a new position in The Hartford Insurance Group during the 2nd quarter worth about $27,000. Finally, Phillip James Consulting Co. acquired a new stake in shares of The Hartford Insurance Group in the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Insurance Group Price Performance

NYSE:HIG opened at $138.51 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The stock's 50-day simple moving average is $138.49 and its 200 day simple moving average is $136.56. The company has a market cap of $37.52 billion, a P/E ratio of 8.95, a P/E/G ratio of 3.40 and a beta of 0.46. The Hartford Insurance Group, Inc. has a 52-week low of $120.33 and a 52-week high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The business had revenue of $7.26 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the prior year, the company posted $3.41 earnings per share. The Hartford Insurance Group's revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Royal Bank Of Canada upped their price objective on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock a "sector perform" rating in a research report on Monday, July 27th. Zacks Research raised The Hartford Insurance Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Barclays cut their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a research note on Friday, June 12th. Mizuho upped their price target on The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Finally, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of The Hartford Insurance Group in a research note on Monday, August 24th. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $149.67.

The Hartford Insurance Group Company 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.

Want to see what other hedge funds are holding HIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source